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Wheat Sinks to Pre-War Levels as Recession Fears Grow

  • Chicago corn tumbles to a five-month low as US acres expand
  • Soybeans fall as much as 4.6% in spite of smaller US acreage
Fields of wheat ahead of harvesting in Ailly-sur-Noye, France, on June 28.

Fields of wheat ahead of harvesting in Ailly-sur-Noye, France, on June 28.

Photographer: Nathan Laine/Bloomberg
Updated on

Crop futures sank in the US, with wheat closing the week at levels not seen since before Russia’s invasion of Ukraine, as concern mounts that a global economic slump might hobble demand for farm commodities.

The worry hits as anxiety about possible grain shortages is easing. Two key reports from the US Department of Agriculture on Thursday indicated bigger-than-expected grain supplies.