CNBC.com The July rise in wheat prices, the fastest in 51 years, indicates that shortages in agriculture are coming, Jim Rogers, chairman of Rogers Holdings, told CNBC.com Tuesday.
Wheat prices in Europe hit their highest level in two years, rising almost 50 percent since late June as Russia's wheat crop was affected by drought.
"That's the straw that broke the camel's back," Rogers, who has been warning about shortages coming in the agriculture sector for a while, said in a telephone interview.
"We're going to have much, much higher prices over the next few years," Rogers, a hedge-fund pioneer who started the Quantum Fund with George Soros in the 1970s, added.
Investors finally began to realize that prices for agricultural commodities have been too low for too long because of subsidies and other factors, which made agriculture an unattractive area for workers, he explained. (more)
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