Moreover, Russia is trying to limit its wheat exports, imposing a temporary duty on grain exports in an attempt to stem rising prices at home, Channel NewsAsia reports.
Sebastien Poncelet, an analyst with the French consultancy Agritel, argued that if wheat prices rise, buyers could also turn to corn as an alternative.
Teucrium Corn Fund
For more information on the corn market, visit our corn category.
Max Chen contributed to this article.