Wheat prices have hit record highs and tight supplies of the staple crop have ignited concern about rising food costs.
The price of higher-quality spring wheat jumped almost 25% on Monday – the biggest one-day increase to date.
World wheat stocks are expected to hit a 30-year low this year, partly driven by the worst drought in Australia in 100 years, which halved the winter wheat crop to 12 million tonnes in 2007.