Hope survives as wheat crops wither

China's grain prices are soaring as the worst dry spell in 50 years heightens fears of a poor harvest.

Wheat prices surged in the past two weeks in the wake of crop damage.

Wheat for March delivery at Zhengzhou Commodity Exchange (ZCE) peaked at 2,041 yuan ($299) a ton last Thursday, up by 6 percent on the Jan 23 closing price, the last trading day before Spring Festival.