Wheat price rises outpace oil price increases!

TORONTO, Ontario, Canada - March 18, 2008 - Rising wheat prices in the international market have outstripped oil price increases in the past year. Whereas oil prices have increased 80 percent over the year, wheat prices have tripled. Wheat was US$4 a bushel a year ago; it is averaging $14 a bushel now, with spot prices shooting to as high as $22 a bushel. This is a dramatic increase. Importing nations like China and India are suddenly spending a lot more on imported wheat.