Drought in key wheat-producing countries is sending wheat prices soaring. This puts agriculture exchange traded funds (ETFs) in a position to reap what the weather and market sow, but analysts differ on whether any rally will last.

Russia’s worst drought in at least 50 years, which has already driven wheat prices to their largest monthly gain since 1973. This has heightened the profile of ETFs that give wheat exposure, but it’s not the only commodity that could see higher prices soon. The dry weather forecast may extend the damage to other crops, including sugar beet, potatoes and corn, says Maria Kolesnikova for Bloomberg. [Why Investors Like Agriculture ETFs.]

One area where the impact is being felt is in the cost of food. In July, global food prices rose 1.9% from the previous month, according to a report from the United Nations’ Food and Agriculture Organization. Food prices are up 12.2 % from a year earlier.

Bloomberg BusinessWeek reports that some analysts think that the wheat price rally is not going to last, as the harvest in other areas of the world may make up for what Russia is lacking. [Are Wheat ETFs Poised for a Bounce?]

Agriculture exchange traded products are all currently above the 200-day moving average. Sign up for alerts to be notified of a trading signal in case this uptrend comes to a close.

For more stories about wheat, visit our wheat category. There is no wheat-focused ETF in existence right now, but there are other ways to get exposure to this commodity, including these ETFs:

  • PowerShares DB Agriculture Fund (NYSEArca: DBA): Holds 6.3% wheat, 12.5% corn, 12.5% soybeans, 12.5% sugar and more.
  • PowerShares DB Agriculture Long ETN (NYSEArca: AGF): Tracks an index of corn, wheat, soybean and sugar futures.
  • iPath DJ AIG Grains Total Return Sub-Index ETN (NYSEArca: JJG): Tracks a basket of corn, wheat and soybean futures.
  • ELEMENTS MLCX Grains Index Total Return ETN (NYSEArca: GRU): Tracks futures contracts on soybeans, soy meal, wheat and corn.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.