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US wheat prices have continued to rise today, which will add to inflationary pressures in the food sector.
The move comes after India unexpectedly banned wheat exports last week, and the Russia-Ukraine war kept underpinning global grains markets – raising concerns of a global food crisis.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.89% at $12.41-3/4 a bushel.
CBOT wheat had climbed more than 8% over the past two days, following India’s wheat ban and reports showing bad condition of U.S. winter crop.
“I will not go into details because public statements could undermine the chances of success.”