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Wheat prices hit a record high for a third day on Friday, trading up to almost $11 after a U.S. government report confirmed that grain stores are nearing historic lows.Wheat for delivery in March rose 30 cents -- the exchange's one-day limit -- to close at $10.93.
Obviously, this is bad news for consumers, especially lower-income workers and those in developing countries for whom food is a large portion of the budget.
Back in December, our own Sarah Gilbert wondered about a world of $7-a box cereal.
With wheat prices so high, it looks like oatmeal and Cheerios could make a comeback.
On a lighter note, Portfolio.com's coverage of the story included an interesting picture choice. I'm sure this is just a computer glitch, and I certainly wouldn't suggest that there's any bad intent here and definitely nothing to be offended about.
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