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The United Nations says despite the global wheat price hike, there won't be a new global grain crisis in the near future.
The UN Food and Agriculture Organization says both market supply and demand are changing. It blames drought in Russia and expectations for higher grain prices on the global market as major factors in pushing up prices. But other wheat-exporting countries have made up for the shortage caused by Russia's drought. That's markedly different from the 2007-2008 global grain crisis. Global grain demand is also not expected to see a dramatic rise.