Wheat Collapsing as Protests Prompt Speculators to Desert Food
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Wheat fell for a third day in its biggest collapse since 2008 and rice fell as traders speculated that riots in North Africa and the Middle East will curb demand from regions buying 32 percent of global shipments.
Wheat, rice, corn and soybeans fell by the most allowed by the Chicago Board of Trade yesterday as violence escalated in Libya. Leaders were already toppled this year in Tunisia and in Egypt, the world’s biggest wheat importer. Speculators including hedge funds last week cut their bets on higher wheat prices by 20 percent, U.S. Commodity Futures Trading Commission data show.