Business
Soaring Wheat Prices Are Raising Bread Costs
- Wheat is near a nine-year high in Chicago, hit record in Paris
- Rally threatens higher food bills and may still have legs
Wheat prices have surged from the U.S. to Russia, hitting a record in Europe and raising bread costs all over the world. And there may not be much relief soon.
The crop — grown on more land than any other — was hit by droughts, frost and heavy rain this year in key exporters. That’s curbed supplies used in everything from pizza crusts and French baguettes to Asian noodles and African couscous, pushing benchmark prices in Chicago to an almost nine-year high.
Wheat in Chicago traded lower on Tuesday, after touching the highest since December 2012, while Paris futures reached a record 297 euros a ton before closing at 292.75 euros.