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| Fresh records for price of wheat | Fresh records for price of wheat |
| (40 minutes later) | |
| Wheat prices have hit record levels as supplies dwindle, raising concerns about growing food inflation. | Wheat prices have hit record levels as supplies dwindle, raising concerns about growing food inflation. |
| 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. | 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 rose by almost 25% to record levels on Monday. | High-protein spring wheat on the Minneapolis Grain Exchange rose by almost 25% to record levels on Monday. |
| Kazakhstan has become the latest country to put export restrictions on wheat as it battles against inflation. | Kazakhstan has become the latest country to put export restrictions on wheat as it battles against inflation. |
| Russia and Argentina have already imposed similar export restrictions. | Russia and Argentina have already imposed similar export restrictions. |
| Weather worries | Weather worries |
| The 25% rise in Minneapolis on Monday came after all trading restrictions were scrapped. | |
| The March futures contract closed at up $4.75 at $24 a bushel, the record price for any US wheat contract. | The March futures contract closed at up $4.75 at $24 a bushel, the record price for any US wheat contract. |
| The price of spring wheat has more than doubled since January. | The price of spring wheat has more than doubled since January. |
| Reports of a drought in Northern China, where most of the country's wheat is grown, also pushed prices higher. | Reports of a drought in Northern China, where most of the country's wheat is grown, also pushed prices higher. |
| Extreme weather has already damaged crops in other parts of the world and US wheat inventories are expected to fall to their lowest level for 60 years. | Extreme weather has already damaged crops in other parts of the world and US wheat inventories are expected to fall to their lowest level for 60 years. |
| Aid warning | Aid warning |
| The World Food Programme has warned that if it does not get more money, it will have to start cutting rations or reaching fewer people. | The World Food Programme has warned that if it does not get more money, it will have to start cutting rations or reaching fewer people. |
| The United Nations agency blamed rising prices for food and oil, as well as an increasing number of people who need its help. | The United Nations agency blamed rising prices for food and oil, as well as an increasing number of people who need its help. |
| In addition to the supply problems pushing up prices, there has also been growing demand. | In addition to the supply problems pushing up prices, there has also been growing demand. |
| Increasing wealth in China, for example, has led to consumers eating more meat, which means more grain is needed to feed farm animals. | Increasing wealth in China, for example, has led to consumers eating more meat, which means more grain is needed to feed farm animals. |