Wheat prices are surging on world grain markets this week.
Wheat futures jumped 60 cents a bushel Monday, on top of last week’s rise of more than a dollar a bushel.
P.I. Financial commodity futures advisor, Adam Pukalo, says the rise reflects concern about supply after India imposed a ban on wheat exports on Friday.
Pukalo says the ban comes at a time when traders had hoped India could export 10 million tons and relieve supply issues due to the Russian invasion of Ukraine.
A record heatwave in March damaged the crop in India and the ban was put in place over worries about food security.
