"Price-of-Bread Alert" -- Market Sees Climate-Driven Wheat-Harvest Shortfall

"Global wheat crops are taking it on the chin, thanks to a drought and fires in Russia, too much rain in Canada, and locusts in Australia. Prices are at levels not seen in almost two years. ...

Early this week, prices broke through the $7-a-bushel level for September delivery, the highest price in almost two years, although they have since fallen back slightly.
 
Overall, wheat prices are up around 50% since June."

Sarah McBride reports for NPR's Planet Money blog August 3, 2010.

SEE ALSO:

"Has Russia's Heat Wave Changed Stance on Climate Change?" (TIME)

"Bad Russian Wheat Harvest Boosts US Farmers" (NPR)

"Drought Overseas Boosts U.S. Wheat Export Sales, Prices " (Wall St. Journal)

"Europe's Grain Supply Sinks as a Result of Climatic Conditions" (TopNews)

"Russia Should Ban Exports of Grain as Drought Withers Crops, Glencore Says" (Bloomberg)

"Heat Wave and Drought Slam Europe" (Wall St. Journal)

"Whither — or Wither — the Wheat Rally?" (Wall St. Journal)

"Drought Strains Russian Wheat Supplies" (NYT Green)

"Australia Agriculture Faces Climate Upheaval: Scientist" (Reuters)