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...Last year the Chinese crop was devastated by the same drought that afflicted Russia’s wheat crop and juice output has been halved....
...The cost of UK wheat hit record levels this week, compounding the effects of a rise in value added tax....
...One explanation for the rises in the cost of food, particularly for bread and cereals, was a weather-related jump in wheat prices, said the ONS. High grain prices fed through to strong rises in meat....
...This week, crude oil hit a six-month high, gold prices set a new record and prices are soaring for a range of agricultural products, from wheat to cotton. How does this affect us?...
...But Norma Urruty, vice-president of the farm association Carbap, said: “They say they open exports, but then you can’t get the export permits.”...
...Although headline wheat prices are falling, those for top quality wheat are not....
...A spokesman for the British Poultry Council said that, by the end of 2007, wheat prices were 250 per cent higher than two years earlier....
...“Wheat accounts for anything from 15 per cent to 35 per cent of a loaf of bread,” Mr Leyland said....
...Still, he adds, the price for the buns is likely to rise by only about 10 per cent as the company tries to hold down the prices it charges to retailers in spite of increasing wheat prices....
...A graduate of Purdue University with a degree in computer science, he became a trader of wheat futures on the Kansas City Board of Trade....
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