Wheat Rises as Russia Extends Ban, Mozambique Strike Continues

Wheat prices rose after Russia extended an export ban on grains and high food prices prompted a strike in Mozambique.

Wheat for December delivery rose as high as $7.2475 a bushel in Chicago trading, Bloomberg News reported. Russia, crippled by drought and wildfires in crop-growing areas, said Thursday that its ban on grain exports would last until after the next harvest.

"Russia was for the last couple of seasons a very large part of the world export market and now all of sudden they disappeared," Keith Flury, a grains analyst at Ratzeburg, Germany-based F.O. Licht, told Bloomberg News. "This is kind of the new fundamental shift that not everybody was really ready for."

In Mozambique's capital Maputo, a strike against the increase in food and utility prices entered its second day. At least seven people have died and another 280 have been injured in clashes with police.



Increase your money and finance knowledge from home

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

How much house can I afford

Home buying 101, evaluating one of your most important financial decisions.

View Course »

Add a Comment

*0 / 3000 Character Maximum