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Wheat Prices Surging to Historic Highs


Wheat futures shot up this week to near the all-time high ($11.6975 a bushel) as foreign buyers scrambled to lock in supplies. A combination of bad weather, increasing global demand and export slowdowns in wheat producing countries has more than doubled the price of wheat since last year. To make matters worse, growing demand for biofuel crops such as corn means farmers are planting less wheat. For consumers it is a recipe for higher food prices. VOA's Mil Arcega reports.

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