wheat price increase

Russia's Heatwave Means Higher U.S. Food Prices

Record heat in Russia is hurting its wheat crop, sending the grain's price soaring. This may drive up corn and soybeans prices too, while the cost of coffee and cocoa, chocolate's key ingredient, are rising as well. Get ready to pay more for food.

Russian Heatwave Drives Wheat Prices to 22-Month High

Prices for the staple crop have jumped 50% since late June, topping $7 a bushel on the Chicago Board of Trade. A prolonged drought in Russia, one of the world's largest wheat exporters, has severely damaged crops, and wildfires have swept through some agricultural areas. Prices for the staple crop have jumped 50% since late June, topping $7 a bushel on the Chicago Board of Trade, BBC News reported.