Russia, the world’s fifth-biggest wheat exporter, banned food imports from the U.S., European Union, Canada, Australia and Norway in retaliation for sanctions linked to the conflict in Ukraine, the ninth-largest shipper.
Corn futures fell to the lowest since 2010 on speculation that a record U.S. crop will boost world reserves next year to the highest since 2002. Wheat dropped to the cheapest in 13 months, while soybeans gained.
Oil demand is surging and commodities are on a tear as Ben Bernanke helps add into a buying frenzy. Oil and gasoline have led the commodities market to an eight-day winning streak, the best since 2010.
Gasoline slid the most in seven weeks, dropping along with crude and other commodities on concern the Federal Reserve will reduce economic stimulus and as data signaled China’s growth is slowing. Crack spreads narrowed.
U.S. corn stockpiles are poised to be the smallest in 16 years by August and soybean reserves will be lower than the government expected, potentially accelerating food-price inflation in an election year.