US wheat prices climbed to a 22-month high Monday on concerns that the drought in Russia, one of the world's leading wheat exporters, may cause a supply shortage.
Buy orders for wheat futures flooded the Chicago Board of Trade, pushing the benchmark to above 7 dollars a bushel, or about 27 kilograms, at one point.
Wheat futures soared by 42 percent in July and marked the largest rise in 59 years for a 1-month period.
Market sources say speculation that Russia may limit wheat exports sparked a stampede to buy US wheat futures. Japan relies on the United States for 60 percent of its wheat imports, so if the rise in futures prices continues, a wide range of foods sold in the country may become more costly.