Wheat Falls Most Since July as Europe Supply Offsets Russia Loss
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Wheat declined the most in five months on speculation that U.S. shippers probably won’t benefit as exports slow from Russia.
A weakening ruble is boosting food prices prices in Russia and prompting the nation to slow grain shipments from the world’s fourth-biggest supplier. U.S. wheat is more expensive than competing supplies in France and the Black Sea region, according to the London-based International Grains Council. The Bloomberg Dollar Spot Index, a 10-currency gauge, has risen 10 percent this year, cutting the appeal of American exports.