By TOM POLANSEK
Wheat futures prices soared Thursday to their highest levels in two years after Russia said it would ban grain exports due to a severe drought, a move that heightens concerns about global supplies of the grain and the possible impact on food prices.
September wheat futures at the Chicago Board of Trade were up the exchange-imposed daily limit of 60 cents at $7.8575 a bushel in late trading, an 8.3% rise and the highest level since August 29, 2008. U.S. wheat futures have gained nearly 85% from a nine-month low in June amid expectations that demand for U.S. wheat will increase.
The export ban by Russia, a major producer and supplier to other countries, comes after several weeks of deteriorating prospects for the Russian wheat crop.
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