Wheat Tumbles to Five-Month Low on Japan, Middle East Turmoil
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Wheat futures slumped to a five-month low on speculation that the earthquake in Japan and protests in the Middle East will cut global demand.
Twelve dry-cargo ports in Japan, the second-biggest buyer of U.S. wheat, were damaged and still shut yesterday following the March 11 quake and tsunami, Inchcape Shipping Services said. Four people died today during protests in Bahrain. Riots over high food costs and corruption have spread across the Middle East and northern Africa, toppling leaders in Tunisia and Egypt, the world’s biggest wheat buyer.