Australians may soon be paying more for their bread and beer because of the devastating wildfires and drought in Russia.

World wheat prices have soared because Russia, one of the biggest exporters, has had its crop ravaged and is now putting a halt to exports until just after Christmas.

The move could benefit Australian wheat producers, but might also lead to an increase in prices for consumers.

The move has stunned many observers of the grain trade.

Investment adviser Dennis Gartman, in the United States, says Russia's temporary ban is just part of a grain crisis that is forcing prices higher across the world.

"A horrifying drought [and] searing temperatures have wrecked havoc upon the Russian wheat crop and it is not just the Russian wheat crop, the crop in Ukraine is under duress. The crop in Kyrgyzstan is under duress," he said.

Mr Gartman says the high grain prices may drive up the cost of bread slightly, but the real losers will be beer makers.

"Beer manufacturers are going to find themselves in a very uncomfortable position because they are even more reliant upon grain prices than the bread manufacturers," he said.

Mr Gartman says he expects higher prices for wheat and other grains will have a big impact on the agriculture industry.

"There is always a near-gravitational pull when wheat goes up this dramatically. You change the acreage numbers in agriculture all around the world," he said.

"For example, right now if you are a producer of corn and your have your corn crop in the ground here in the United States this year, given where wheat prices are, you may not think about growing corn next year. You may think instead of growing wheat over the winter.

"This is not just a one-off. This is a very serious circumstance."

Mr Gartman says wheat producers will be the real winners because of the export ban.

"It is going to be very good times for the agricultural communities in Canada and Australia," he said.

"[They] are going to find themselves in the driver's seat in one of their larger exportable products, agriculture.

"We will not have a period of farm aid anymore. We will have a period of farm celebration."