Wheat Price Surges Above $10 for First Time on Supply Concerns

Dec. 17 (Bloomberg) -- Wheat rose above $10 a bushel for the first time, bolstering prices for other grains and oilseeds and stoking inflation.

Chicago wheat futures rose as much as 30 cents, or 3.1 percent, to $10.095 as dry weather threatened crops in Argentina, adding to concern the world's farmers may not be able to grow enough to meet demand for bread, pasta and livestock feed. Rice also jumped to a record, while soybeans reached the highest in 34 years and corn was its costliest in nine months.

Kellogg Co., the maker of Frosted Mini-Wheats cereal and Eggo waffles, and General Mills Inc., the maker of Cheerios cereal, already have raised prices. Kikkoman Corp., Japan's biggest maker of soy sauce, is planning its first price increase in 18 years, while Sara Lee Corp. said Dec. 13 it will increase bread prices for a second time since September.