Producers of metals and other raw materials fell after a warning from one steelmaker.
Nucor shares tumbled after the steelmaker warned that third-quarter earnings would fall from a year earlier due to declining volumes and prices at its steel mills.
Russian President Vladimir Putin is to meet with Turkish President Recep Tayyip Erdogan this week, and the two will likely review Russian reservations about the grain-export deal that reopened Ukrainian access to global food markets. The chances that Black Sea export routes will be blocked again could foster another spike in food prices.
Rice futures are already on the rise after India banned exports of rough cut rice a week ago.
Anglo Australian mining giant Rio Tinto and China Baowu Steel Group agreed to develop a $2 billion iron-ore project in Australia, one of the largest joint investment deals since diplomatic and trade ties between Australia and China deteriorated.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-14-22 1624ET
