Prepared for crisis

Misfortunes never come singly. That's especially true for this year's global grain market.

A disastrous drought in the US and an equally ravaging heat wave in Russia have quickly pushed up global grain prices, causing a panic that is similar to what was seen in the last grain crisis in 2008.

It is rare for exceptional droughts to hit both North and South America. And other parts of the world, such as Australia and Ukraine, have also suffered from a lack of rain. The effect of the weather on grain production, therefore, could be more serious than expected.