MOSCOW (Pakistan Point News / Sputnik - 02nd November, 2021) The benchmark for wheat has exceeded $8 per bushel on the Chicago Stock Exchange for the first time since December 2012, amid risks of a significant decline in yields due to adverse weather conditions and higher fertilizer prices, according to the bidding data.
As a result of trading on the Chicago Stock Exchange, March wheat futures rose to $8.08, according to NYSE Chicago.
Some farmers are now facing drought, as well as rising fertilizer prices. According to the bidding data, wheat prices have been rising steadily for six months. In October alone, it went up 6.5%. This is the longest monthly growth since 2007.
The rising cost of wheat can lead to higher prices for other food products around the world. In early October, the Food and Agriculture Organization of the United Nations reported that world food prices in September rose to a record high in 10 years.
