Wheat prices up and Brazil worries about ethanol

Rich pickings today on Planet Ark, the price of wheat in Europe is soaring, apparently because of a drought in Australia. Didn’t know we imported much wheat from Australia, mostly lamb. The absolute prices for wheat in the US quoted though are pretty high: currently at around 8.69/bushel after spiking at over 8.80/bushel, a rise of over $3/bushel since the start of July, according to CBOT.

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