Russia's wheat woes could hit U.S. grocery shelves
A planned wheat export ban in response to an expected shortage is heightening fears about tight supplies and could lead to soaring food prices.
 Bread for sale in a Manhattan market this week. (Spencer Platt / Getty Images) |
Reporting from Los Angeles and Moscow —
The price of America's daily bread and meat could soar this fall, as surging wheat prices in anticipation of a Russian ban on exports stoked fears about tight supplies.Grain shortages and food price hikes in 2007 and 2008 sparked riots worldwide, but agriculture analysts said the U.S. wheat crop has been strong, and that stockpiles of wheat and other grains worldwide are greater now than they were three years ago.
According to media reports, U.S. farmers have rushed to put out millions of bushels of wheat to bolster worldwide inventories. Wheat prices on Friday dropped by 60 cents on the Chicago Board of Trade, voiding Thursday's price run-up.
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