Chicago wheat futures surged to $7.85 per bushel on Aug. 5, up 83 percent from a low of $4.28 on June 6. Over the past month, drought across wheat regions of Russia, Ukraine and Europe, excessive rain in Canada, and locusts in Australia have helped send prices higher. The situation in Russia is approaching catastrophic, leading officials to ban all grain exports beginning Aug. 15. The drought has helped ignite hundreds of fires in the Moscow area. Russia’s Agricultural Ministry cut ...

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