Flooding in Australia has pushed wheat prices higher, with wheat for March delivery gaining 11.25 cents to settle at US$8.055 a bushel.
Prices also surged as dry, cold weather in the U.S. and China sparked concerns about global supplies.
Canada, led by Saskatchewan, is the world's second-largest exporter of wheat with annual exports averaging almost 14 million tonnes, although heavy rains hurt the Prairie planting season.
A November 2010 U.S. Department of Agriculture report showed at least half the U.S. winter wheat crop affected by dry weather.
The weather worries come on the heels of last year's difficulties with the global wheat supply.
A devastating drought damaged the crop in Russia and the Black Sea region, prompting Russia to impose an export ban that remains in effect.
from Western Investor, February 2011
