"The failure of the Russian wheat harvest has caused a temporary spike in prices, but these high prices won't last for long because of excess production in China and the US.
"Global wheat ending stocks are forecast to decline from 193m tonnes in 2009-10 to 178.8m tonnes in 2010-11," says Luke Chandler, an agriculture analyst at Rabobank. "The relative small decline in global ending stocks is due primarily to a 6.9m tonne surplus in Chinese wheat production and higher-than-expected US production.""
http://www.telegraph.co.uk/finance/markets/7933390/Food-inflation-is-a-rumble-that-wont-go-away.html
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