NEW YORK — A collapse in foreign wheat supplies caused by a severe, prolonged drought in Russia led to a 42% rise in domestic wheat prices during the month of July. The $1.97 per-bushel increase was the largest monthly gain in prices for wheat contracts since 1959, and it returned wheat futures to levels last seen in September 2008. The drought has already destroyed about 20% of Russia's grain crop in key growing regions, according to published reports. Russian officials appear likely to ...
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