Agriculture Commodity Wheat Prices Fall as Global Economy Falters

Price agriculture commodity wheat futures fell the most in two weeks on speculation that demand will shrink for U.S. supplies as the global economy falters and competition increases from Russia.

Egypt, the world’s biggest wheat importer, bought 120,000 metric tons of Russian grain. Russia lifted a ban on exports in July following last year’s drought.

Wheat futures for December delivery fell 2.6 percent to settle at $6.195 a bushel on the Chicago Board of Trade, capping the biggest drop since Oct. 12. The price has fallen 22 percent this year.

Wheat is the fourth-largest U.S. crop, valued at $13 billion in 2010, behind corn, soybeans and hay, government data show.

Category: agriculture commodity, egypt wheat, global wheat price, Wheat, wheat future, wheat price