Wheat futures touched their lowest price in 90 days and corn futures dropped amid concerns that an economic slowdown will cut into demand for the grains from the U.S., Asia and Europe. Tom Leffler, owner of Leffler Commodities of Kansas said financial market uneasiness is prompting large amounts of concern, and wheat finds itself in the thick of the trouble, which is not particular to the U.S. But he also pointed to a particular region and the shipments coming out of it.
"The Black Sea region continues to export wheat at a crazy rate," Leffler told Bloomberg. "It's not good for our wheat prices."
At 2:15 p.m. on Thursday, corn futures fell 5.21 percent, a 35.75 cent drop to $6.50 per bushel. Wheat futures lost 5.19 percent, a 39.5 cent reduction to $7.21 per bushel.
Reuters reports U.S. grains' price losses were akin to those of other commodities and equity markets' downward drive. But the wire service reports China might be prepared to purchase as many as 5 million tons of U.S. corn.
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