Wheat Gain Not at ‘Global Crisis Status,’ FAO Says
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A surge in wheat prices caused by floods and drought in the Northern Hemisphere doesn’t constitute a “global crisis” and should spur more plantings to bolster supply, the Food and Agriculture Organization said.
Wheat traded in Chicago, a global benchmark, as much as doubled since June as drought in Russia, flooding in Canada and parched fields in Kazakhstan and the European Union ruined crops. Higher prices, combined with rallies in corn, rice and livestock, are increasing concern of a return to the food crisis of 2008 that sparked riots from Haiti to Egypt.