Russia issued a ban on the export orders CBOT wheat shot up 8% yesterday.

<P> According to foreign reports, the Russian Prime Minister Vladimir Putin announced on August 5, the Russian government decided to ban exports of food and food products. .</ P> <P> the previous rumors has been the Chicago Board of Trade Xiaomaiqijia 4 soared to more than 22 months since a new high. .</ P> <P> Russia is the world's leading producer and exporter of wheat, one suffered a serious drought this year, is the current round of the main reasons for soaring international wheat prices. .</ P> <P> Russia was hit by at least 50 years of drought and other effects of a case yesterday CBOT (CBOT) wheat futures prices have soared more than 8%, and hit a record high of 23 months. .</ P> <P> 19:14 Beijing time yesterday, CBOT September wheat futures contract has reached the limit price of $ 7.8575 / pound, the highest 23-month high, or it is a staggering 8.27%. .</ P> <P> "the market a little panic," National Australia Bank, director of product marketing, said Mike Pittsburgh. .According to foreign reports, the Russian Prime Minister Vladimir Putin announced on the 5th, because of Russia experienced its worst drought, agriculture suffered a serious blow throughout the harvest greatly reduced, from now on temporary ban on food exports. .</ P> <P> low from June 9 to yesterday's high of $ 7.8575 / bushel, CBOT wheat price has gained 85%. .So within two months of gains, so shocked the national market and detonated the other varieties of the collective farm prices soaring, close to year highs. .</ P> <P> affected by this boost, he has a steady domestic grain futures prices also rose significantly. .August 5, Zhengzhou Commodity Exchange ale 1101 contract closed at 2432 yuan / ton, 4, settled up 7 yuan / ton. .Lows from early June to yesterday, Zhengzhou ale has risen up to 170 yuan / ton. .</ P> <P> Russia is the world's leading producer and exporter of wheat, one suffered a serious drought this year, is the current round of the main reasons for soaring international wheat prices. .It is estimated that an area equivalent to Portugal, Russia, withered crops, the land area so much. .Russia in late July to further increase the loss of large-scale fires. .According to Russian estimates of agricultural organizations in 2010, wheat exports declined up to 44% than the previous year. .</ P> <P> In addition, other major producers of wheat, the Canadian affected by the rains, output is expected to record low of 2002; Australia also because the main producers of drought, wheat prices began to rise. .4 FAO Global wheat production in 2010 is expected to cut 25 million to 651 million tons; also pointed out that if Russia's lingering drought mitigation, the country may be the winter of 2010 affected sowing of wheat, thus threatening .2011 to 2012 wheat production. .</ P> <P> production outlook is bleak, increased turbulence in the international wheat market, speculative money has been admitted to promote wheat futures prices continued to rise. .From early June now, international wheat prices rose more than 80%. .Market participants expected wheat price increases will continue to the end of August. .</ P> <P> soaring wheat prices also led to other agricultural prices, prices of most varieties approaching the high point of the year. .Currently, the international soybean prices were quoted at 1034 cents a near 410 cents offer price of corn near the beginning of the two species are quickly rose to a high point. .</ P> <P> whether the outbreak will be a new global food crisis, FAO believes that the lack of sufficient basis for concern. ."The record high for two consecutive years, the international wheat stocks were sufficient to add enough to make up the gap caused by 2010 to reduce output, stabilize the market. And, this year's macro-economic environment and other food market dynamics .also determines the current food crisis is not a new outbreak. "</ P>.