UN agency cuts outlook for wheat production, driving prices to 22-month high
By APWednesday, August 4, 2010
UN agency cuts wheat forecast; prices resume rise
NEW YORK — Wheat prices are hitting a 22-month high after the United Nations’ food agency cut its forecast for wheat production in 2010, citing bad weather in Russia and other countries.
The price of wheat has risen 68 percent since early June, and notched a 42 percent jump in July alone that was the biggest monthly gain in at least 51 years.
A severe Russian drought has already destroyed one-fifth of that country’s wheat crop, and forecasters predict more hot and dry weather there.
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