Why are wheat prices rising?

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.

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