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Wheat plunges on Russia's grain exports plan
Wheat prices plunge on Russia's grain export plan this year; other commodity prices mixed
By The Associated Press

Wheat prices are plunging after Russia decided against limiting grain exports this year. That could increase competition for U.S. wheat in the global marketplace.

Wheat finished down nearly 3 percent Monday at $6.5225 per bushel.

Russia's prime minister says that the nation has overcome problems stemming from a severe drought in 2010, which prompted a ban on grain exports. His deputy, a top agriculture official, predicts that this year's exports might reach 27 million tons.

Investors have been speculating that U.S. wheat would be more in demand because it's the cheapest in the world and some European crops may have been damaged by winter weather.

In other trading, prices for gold, copper and oil are higher. Corn and soybeans are lower.

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