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Dakota Drought Sparks Biggest Spring Wheat Price Spike In 7 Years

The price of your bagels and pizzas are about to rise as the cost of so-called 'aristocrat of wheat' - Hard red spring wheat - is exploding on the back of a worsening drought in the US High Plains. Futures soared as much as 8.5 percent on Thursday, the most intraday since 2010, after Canada cut its planting outlook and drought conditions expand in U.S. growing states. Prices are up 31 percent in June, beating the gains for 80 other commodities tracked by Bloomberg.
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