Wheat Resumes Plunge as African Unrest Drives Away Speculators

Wheat extended a collapse and corn and soybeans also fell as traders speculated that a jump in energy costs caused by protests across North Africa and the Middle East will curb growth and demand for grains.

Riots already ousted leaders in Egypt, the world’s biggest wheat importer, and in Tunisia, and opposition groups have seized control of eastern cities in Libya. While wheat traded in Chicago dropped 11 percent in the past four sessions, crude oil jumped 13 percent on the New York Mercantile Exchange.