Russia, the world's third wheat exporter, Thursday banned grain exports for the next four-and-a-half months due to a record drought that has destroyed millions of hectares (acres) of its land.

Wheat futures shot up to new two-year highs on commodities markets after the sudden announcement from Prime Minister Vladimir Putin raised concerns about global grain supplies.

"In connection with the unusually high temperatures and the drought, I consider it right to impose a temporary ban on the export from Russia of grain and other products produced from grain," Putin told a government meeting.

Read more: Yahoo News

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