Global prices for wheat have hit a 23-month high due to Russia's efforts to deal with its drought.

Vladimir Putin, Russia's Prime Minister, announced a temporary ban on the export of grain on Thursday, sending wheat futures on the Chicago Board of Trade to $7.85 -3/4 a bushel.

Some exporters are expecting to cancel their grain contracts when the ban takes place on August 15 due to the Russian government's intervention, according to Reuters.

"If there is an export ban it is a force majeure," a French exporter said.