Wheat futures surged to a 22-month high in Chicago, leading grains higher, on speculation that dry, hot weather in Russia may force the country to curb exports, squeezing global supplies. Temperatures in Russia may climb to 42 degrees Celsius (107.6 degrees Fahrenheit) through Aug. 7, the country’s weather center said on its website today. Although there’s no official statement about export restrictions, the market doesn’t rule out such a scenario, Phillip Futures Pte. said in note today. “It’s very, very bullish and there’s no sign of it really stopping,” Peter McGuire, managing director at CWA Global Markets Pty, said by phone from Sydney. “I wouldn’t be surprised if it reaches $7 within the next two trading sessions.” The September-delivery contract jumped as much as 3.4 percent to $6.84 a bushel on the Chicago Board of Trade, the highest level since Oct. 1, 2008, and was at $6.8275 at 11:06 a.m. London time. Prices jumped 38 percent in July, the biggest gainer of 24 raw materials in the Standard & Poor’s GSCI Index. Milling wheat for November delivery surged 5.4 percent to 205.75 euros ($269) a metric ton on NYSE Liffe in Paris. The November contract climbed 34 percent last month and today climbed to the highest price since trading started in March 2009. Russia’s wheat harvest may amount to 45 million tons, Anton Shaparin, a spokesman for the Moscow-based Russian Grain Union, said on July 27. That compares with a harvest of about 62 million tons last year. Prime Minister Vladimir Putin is due to meet regional leaders in Moscow today to discuss wildfires. Corn for December delivery rose as much as 1.9 percent to $4.1425 a bushel, the highest price for the most-active contract since Jan. 12. November-delivery soybeans rallied as much as 1.7 percent to $10.2175 a bushel, the highest price since Jan. 11. Chicago rice futures surged as much as 3.6 percent to $10.93 for every 100 pounds.

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