The Farmers Guardian reports that wheat prices plummeted this week as investors panic after the earthquake and tsunami in Japan.
As of yesterday wheat futures were down to £167.35 / tonne on the London market after having fluctuated during the week. Wheat, maize and soyabeans were all down significantly on the Chicago market as were wheat and rapeseed on the MATIF market.
The dramatic falls are being almost entirely driven by investors, mainly in the US, who initially became nervous over the impact of unrest in the Middle East last month on global economic recovery. These concerns exacerbated by last week’s earthquake and tsunami in Japan, prompting further heavy selling in wheat and other commodities.