Wheat is one of those commodities that are not all that popular among traders, however if you had invested in it yesterday you would have made a quick gain of close to 9%.  Due to one of the worst droughts in Russian History, Vladimir Putin has ordered that the country stop exporting wheat, beginning on August 15th and running until December 31st.  September contracts for wheat on the Chicago Board of trade rose 60 cents from $7.2575 to $7.8575, which was the maximum rise permitted during a trading session. Wheat prices have risen between 58% and 69% since June alone

The implications of this export ban in Russia will be felt all over the world.  Obviously the food industry will feel the effects, but Western Europe as well as the US, may benefit since they are now viewed as the primary producers of the grain.  Many scientists fear that the drought, which has been caused by the hottest summer, in the 130 years since Russia has been keeping records, could last long enough to hurt next years wheat crops as well.

According to Putin, Russia has more than enough wheat in their reserves, but the export ban has been put into place to prevent domestic prices from rising.