Imports of the commodities to ports on the nation's east coast have stopped as a result of the 9.0 Richter Scale earthquake and the tsunami it prompted. Thousands have died and officials are concerned about the integrity of a nuclear power plant and the harmful radiation it can spew.
"The global supply situation across a broad range of agricultural commodities is still tight, even if we do a see a temporary demand decline coming out of Japan," Luke Mathews, a strategist at Commonwealth Bank of Australia in Sydney, told the news service.
Shortly before 2 p.m. on Tuesday, wheat futures were down 7.18 percent, a 0.5175 cent decrease to $6.69 per bushel. Corn futures were down 4.5 percent, a 0.30 cent drop to $6.36 per bushel. Soybean futures were down 5.22 percent, a 0.70 cent decrease to $12.70 per bushel.
"Investors are getting worried about the Japanese situation and trying to avoid risky assets like equities and commodities right now," Benjamin Hong, a trader at KB Futures in Seoul, told the news service. "Agricultural commodities are sliding along with the broader downward sentiment."
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