Wheat scheduled for December delivery slid 1.5 percent to $7.145 a bushel on the Chicago Board of Trade, Bloomberg reported. The commodity slid 3.3 percent on the previous day, and has fallen 10 percent this year.
U.S. Labor Department reports indicate that employers added 117,000 jobs in July, and the jobless rate went down to 9.1 percent from 9.2 percent. This encouraging data was not enough to alleviate fears of a double-dip recession in the United States.
"Markets seem to be increasing their bets that the U.S. economic recovery indeed turns negative,” Luke Matthews, a commodity strategist, told Bloomberg by phone. "As long as this wider risk aversion persists, we think that grain markets are susceptible to further selling pressure."
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