Global grain prices are skyrocketing, mounting heavy pressure on the Chinese market.

Russia, the world's third largest wheat producer, on August 5 ordered a ban on grain exports after a severe drought devastated crops and as wildfires spread across the country. This triggered panic in commodities markets, sending wheat prices to a two-year record high.

European wheat prices peaked at 236 euros a ton on the news while U.S. wheat futures also jumped 8 percent on August 5 on top of an 80-percent increase since mid-June. Panic buying spilled across the grain markets into corn and soybeans, which soared as well.

Given the magnitude of the price spike, fears are proliferating that the pressure will ripple into China through trade links.

China has no serious shortages of grain this year, but the impact of the international price surges will still be felt due to a growing reliance on imports, said Ma Wenfeng, a senior analyst at the Beijing-based Orient Agribusiness Consultant Ltd.

In the first half of this year, China's wheat imports more than doubled to 845,000 tons from one year ago while rice imports surged 44.3 percent, said the Ministry of Agriculture. In the past few years, China has relied on imports for less than 10 percent of its wheat consumptions.

Meanwhile, rainstorms across the country have added to the risks of price inflation by hampering summer planting, he said.

Clues of domestic price hikes are not difficult to find. Some grain dealers are rushing to snap up stocks while farmers hesitate to sell, expecting price increases.

It is necessary for the government to stabilize the market and step up a clampdown on price speculation, said Ma.