Wheat futures are making new ground above $9 a bushel in Chicago - track the rise in red in the chart above with the broader CRB commodities index in black. The rise in basic food ingredients like wheat isn’t making things any easier for central bankers trying to keep the credit markets from freezing up. Wheat prices are the stand-out example of “agflation”, Veronica Brown and Nigel Hunt reported here. Prices have more than doubled to record highs this year in the U.S. and Europe. Crop pressures, red-hot emerging market demand and the biofuels revolution are the drivers.
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