Wheat Prices Surge To Record High
AP:
Wheat prices surged above $10 a bushel for the first time ever Monday amid concerns that strong demand globally could result in a grain shortage in the United States next year -- worsening food price inflation.
Other commodities markets mostly declined, with energy, other agricultural futures and metals moving lower.
Wheat supplies in the U.S. have dwindled this year as one wheat crop after another around the world has been damaged by poor weather, most recently in Australia and Argentina. That's sent buyers scrambling for stockpiles at any cost. U.S. wheat exporters already have sold more than 90 percent of the 1.175 billion bushels the U.S. Department of Agriculture expects will be exported during the whole marketing year, which ends in June 2008.
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First Posted: 12-17-07 05:21 PM | Updated: 03-28-08 02:45 AM