US Wheat Prices Rise to Highest Level in Over 8 Years

US wheat futures experienced a record increase on Monday, reaching their highest level in eight years. This surge is attributed to strong demand amid a global supply shortage. According to Reuters, the rise in wheat prices followed a wave of export deals, notably a large transaction of 1.3 million tons purchased by Saudi Arabia. Traders are awaiting the results of a tender from Egypt, the world's largest wheat importer. Analysts stated that the wheat market is climbing to new heights due to robust global demand. Prices on the Chicago Mercantile Exchange hit their highest point since January 2013, while prices on the Paris Euronext reached a 13-and-a-half-year high. A weak wheat harvest in the spring and export taxes imposed by Russia have raised expectations of a relative supply shortage this season. Analysts noted that Russian wheat export prices continued to rise last week, following an upward trend over the past four months.