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Mideast Staggered by Cost of Wheat
Wheat prices jumped on Wednesday, taking the week's gains to 17%, an ascent that threatens to put fresh pressure on fragile Middle East governments that import the grain to feed their people.Wet weather in the U.S. and dryness in Western Europe are driving the recent rise. Wheat futures jumped 53 cents, or 7%, to $8.17 per bushel Wednesday, the biggest single-day dollar gain in more than seven months, and are now up 91% in less than a year. Rising wheat prices jarred global markets last summer, amid a harsh Russian drought, and have stayed high for months. Some analysts worry the bad weather that pushed prices up this week could further curtail supplies and send prices even higher. Posted by: gr(o)mgoru 2011-05-23 |
| http://www.rantburg.com/poparticle.php?ID=323176 |