Priciest Wheat Since 2012 Threatens to Worsen Food Inflation

(Bloomberg) -- Wheat surged to $8 a bushel in Chicago for the first time since December 2012 as strained global supplies collide with robust demand.

The most-active futures contract for soft red winter wheat -- baked in cookies and cakes -- climbed 3.5% at 10:46 a.m. local time. World wheat reserves are ebbing after extreme weather battered crops in key exporters, and dryness is again spreading in North America and the Black Sea region with plantings for the 2022 harvest underway.

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