(1888PressRelease)
March 01, 2008 - Chicago Board of Trade (CBOT) wheat for delivery in March rose the maximum 90 cents allowed to $11.99 a bushel in electronic trading in Asia.
High-protein spring wheat on the Minneapolis Grain Exchange also rose by almost 25 per cent to record levels on Monday.
Reports of a drought in northern China, where most of the country's wheat is grown, has further contributed to higher prices and Kazakhstan has become the latest country to put export restrictions on wheat in an attempt to curb inflation.
Russia and Argentina have already imposed similar export restrictions, while the World Food Programme has said that it will have to start cutting rations or reaching fewer people if it does not get more money.
Elaine Kub, a commodities market analyst at DTN, told the Press Association: "Everybody is coming to the realisation that the shortage of wheat is not going away. There's no relief coming from anywhere in the world until June."
Further analysis of global wheat prices could be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.
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