Indian wheat prices surged to an eight-month high on Tuesday, propelled by strong demand for big festivals, limited supplies and as import duty makes overseas buying unfeasible for domestic flour mills.

Wheat and maize prices declined 11 per cent and 14 per cent, respectively, in the global markets in the past two weeks while rice prices have remained relatively unchanged, according to the World Bank's Food Security Update.

Chicago wheat futures jumped almost 6 per cent on Monday and corn rose more than 2 per cent as Russia's withdrawal from a Black Sea export agreement raised concerns over global supplies.