Wheat Closes at Highest Since 2012 as Food Inflation Fears Grow
- U.S. spring wheat, Paris wheat also soar amid robust demand
- U.S. corn and soybean harvest pace falls short of expectations
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Benchmark wheat in Chicago climbed above $8 a bushel for the first time in almost nine years as importers boost purchases amid adverse weather conditions and soaring fertilizer prices that risk denting next year’s harvests.
The advance may ramp up already high food costs worldwide. Futures tied to other types of wheat also surged amid increasing demand and dwindling reserves due to inclement weather.