Russian Heatwave Drives Wheat Prices to 22-Month High
A prolonged drought in Russia, one of the world's largest wheat exporters, has severely damaged crops, and wildfires have swept through some agricultural areas. The government has declared a state of emergency in 27 agricultural regions. President Dmitry Medvedev has mobilized army units to help emergency services battle the fires, according to Bloomberg News.
The rise in wheat prices "will have an effect on both food prices and food company profits," Martin Deboo, an analyst with Investec, told BBC News.