The big story? Those global wheat futures that have rallied to a record two-year high with news  that Russia, the world's third-largest exporter, has slapped a ban on its wheat shipments as the worst drought in at least 50 years carves up production. Corn and soybeans have also risen.

Russian officials delayed a plan to start selling grain from stockpiles to allow more time to assess the crop. Analysts point out there’s already been panic buying by some consumers and rapidly expanding speculative buying driving the markets higher.

It’s not just Russian wheat fields paying the price because of extreme weather conditions.

Hot, dry weather has damaged crops in Ukraine and parts of Western Europe, and heavy rains devastated planted acreage in Canada, the world’s second-biggest exporter. The U.S. is the top shipper.

Egypt, the biggest wheat importer, may well be worried about where to find the troubled grain.

But so far, the United Nations' Food and Agriculture Organization is downplaying the spectre of a global food crisis.

All eyes are currently on Russia and its winter-wheat planting scheme, usually launched in August. Winter wheat makes up about 65% of total annual production in Russia.

Here in New Zealand, farmers will be thanking their lucky stars we live in a land of grass-fed cattle and sheep.

- Genevieve Westcott, Host, "Money Talks"