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Wheat Rises to 22-Month High on Russia Drought; Rice, Oats Gain

Wheat jumped to a 22-month high after the hottest July in Russia in 130 years withered crops, eroding a global surplus and boosting demand for shipments from the U.S., the world’s biggest exporter. Rice and oats also climbed.

In July, wheat prices had the biggest monthly gain since 1973. Hot, dry weather in Kazakhstan and the European Union and floods in Canada also hurt crops. The Hydrometeorological Center of Russia said temperatures in the nation’s center will reach 42 degrees Celsius (108 degrees Fahrenheit) through Aug. 7. Russia’s harvest may fall 28 percent, SovEcon said July 27.