Fresh records for price of wheat

ISLAMABAD—Wheat prices have hit record levels as supplies dwindle, raising concerns about growing food inflation. Chicago Board of Trade (CBOT) wheat for delivery inMarch rose the maximum 90 cents allowed to $11.99 a bushel in electronic trading in Asia, BBC reported. High-protein spring wheat on the Minneapolis GrainExchange rose by almost 25% to record levels on Monday.
Kazakhstan has become the latest country to putexport restrictions on wheat as it battles against inflation. Russia and Argentina have already imposed similarexport restrictions. The 25% rise in Minneapolis on Monday came after all trading restrictions were scrapped. The March futures contract closed at up $4.75 at $24 a bushel, the record price for any US wheat contract. The price of spring wheat has more than doubled since January. —Agencies