Farm Commodities Tumble in China as Wen Pledges to Cool Prices
This article is for subscribers only.
Agriculture futures slumped in China, with soybeans, cooking oils, rubber, cotton and sugar dropping the daily limit, as Premier Wen Jiabao promised to take steps to cool the fastest inflation in two years.
Soybeans and soybean oil fell 4 percent, the maximum allowed by the Dalian Commodity Exchange, to 4,337 yuan ($652) a metric ton and 9,396 yuan a ton. Palm oil plunged 5 percent. Cotton and sugar declined 5 percent in Zhengzhou and rubber decreased 5 percent in Shanghai.