Wheat Futures May Surge to $10 a Bushel, CWA Says
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Wheat futures may surge to $10 a bushel on concern that Ukraine and Kazakhstan, the second- and third-largest exporters in the former Soviet Union, will follow Russia in banning exports, according to CWA Global Markets Pty.
“It’s got $10 written all over it,” said Peter McGuire, CWA’s managing director, who correctly predicted on Aug. 3 that prices would surge to $8.50 a bushel. The new forecast implies a 23 percent jump from yesterday’s close.