On the evening of the 14th Beijing time, wheat prices hit since July 31, 2023 in early trading on Tuesday.DbossescasinonodepositbonusThe highest level.
July futures for the commodity hit a high of 696 cents a bushel. Last July, wheat traded as high as 703 cents. A bushel equals 26Dbossescasinonodepositbonus.309 kilograms.
The main reason for the rise in wheat prices is that Russian crops have been damaged by frost. Russia is the largest exporter of wheat in the world.
According to the Russian local government, some crops have died from low temperatures in the so-called black soil belt, including Voronezh, Tampov and Lipetsk. In Voronezh alone, as many as 265000 hectares of crops were damaged before May 9, according to officials.
A state of emergency has been declared in the region as night temperatures have dropped to minus 6 degrees Celsius on several nights in the past few weeks. Crops in Russia's black soil belt include wheat, oilseeds and corn.
Russia is the world's largest exporter of wheat. Some have cut their forecasts for the country's wheat harvest this year, pushing Chicago benchmark wheat futures prices to their highest level since August last year.