Crop losses in two of the world’s biggest wheat exporters and quality concerns in a third have pushed prices to multiyear highs, adding to worries about food price inflation for millions of the world’s most vulnerable.
Drought and heat continued to fry Canada’s wheat in July, months after a brutal winter hit the Russian crop. Those losses will only be partially offset by gains elsewhere for a crop planted on more land globally than any other, and used for basic foods like breads, pasta, and breakfast cereal.
Wheat futures surged this week as the U.S. Department of Agriculture slashed its forecast for Canadian and Russian production, pulling down global stockpiles and trade. A smaller U.S. crop is also adding to the pressure.
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