Wheat prices rally continues in August after huge July run-up as Russian weather worsens

Wheat prices continue to rally in August

RUSSIAN PAIN, WHEAT GAINS: Wheat prices continued to soar in August after the biggest monthly rally in 51 years in July. A severe drought in Russia has already destroyed 20 percent of its grain crop, and now wildfires are hitting the fields, causing more damage.

GROCERY EFFECT: Grocery stores and cereal makers such as Kellogg Co. could benefit by passing higher costs on to consumers, an analyst said.

HOW MUCH DOUGH?: If the July rally continues into August, shoppers could pay 5 to 10 percent more for food made from wheat starting in fall.