Wheat Prices Fall Most in Two Months

Wheat fell the most in two months as the cost of the commodity may slow demand for U.S. supplies. Corn prices also dropped.

Wheat has soared 70 percent in the past year as bad weather damaged crops in Canada, Australia and Russia. U.S. export sales fell 13 percent in the week ended January 20 from a week earlier, Department of Agriculture data revealed. Speculators have cut back on bets on rising prices in each of the past three weeks, U.S. government data reveal.

Wheat futures for March delivery declined 20.5 cents, or 2.4 percent, to $8.2575 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest decline since Nov. 16. The wheat price jumped 0.2 percent this week.

Prices also dropped on concerns that riots in Egypt, the world’s biggest buyer, will slow down on purchases.

Corn futures for March delivery fell 6.75 cents, or 1 percent, to $6.445 a bushel in Chicago. The price declined 2 percent this week.

Soybeans for March delivery fell 1.5 cents, or 0.1 percent, to $13.98 a bushel. The most-active contract declined 1 percent this week.