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Al-Araby
Al-Araby
Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the commodity as a heatwave hit production. The price jumped to 435 euros ($453) per tonne as the Euronext market opened, up from the previous record of 422 euros reached on Friday. On the Chicago Board of Trade, just before trading opened the price of the SRW wheat futures contract hit $12.35 a bushel, an increase of 4.9 percent. Global wheat prices have soared 40 percent on supply fears since Russia’s February invasion of agricultural powerhouse Ukraine, which previously accounted for…