Wheat Goes Up, Prices to Follow

According to the Wall Street Journal, “Wheat futures’ eight-week rally regained steam on Wednesday by surging 6.7% to above $7.25 a bushel on the Chicago Board of Trade, their highest since September 2008.”

“This brings gains for the grain to 71% from a June low, despite Tuesday’s small dip. Not only has the scale of the price surge—fueled by widespread crop failures in Russia—taken traders and analysts aback, it has also prompted a range of companies, including breadmakers and owners of pizza chains, to voice cost concerns.”