China shakes wheat market with cancelled shipments from U.S., Australi
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TOKYO — The global wheat market has been hit by Chinese buyers cancelling major shipments, seemingly in an attempt to secure better prices and bolster the country’s food security.
Benchmark Chicago wheat futures are trading at about $5.50 per bushel, up slightly from a three-and-a-half-year low marked in mid-March but down about 10% from the beginning of the year.
