Watch Asian food shares as wheat futures drop on recession fears
(Sept 20): Shares in Asian food companies may be active after Chicago wheat futures declined on export woes and worries about an economic slowdown hurting grain demand.
Wheat futures fell 3.4% to settle at US$8.305 (RM37.81) a bushel on Monday (Sept 19), the steepest decline since Sept 1.
Stocks with watch
- Australia: GrainCorp Ltd
- Japan: Yamazaki Baking, noodle makers Toyo Suisan and Nissin Foods
- China and Hong Kong: Food manufacturers including Toly Bread, Kemen Noodle, Tingyi, Anjoy Foods and Uni-President China, as well as arable land contractor Heilongjiang Agriculture
- Singapore: Wilmar International Ltd
- India: Wheat flour manufacturer ITC, biscuit maker Britannia Industries and grain processor Kovilpatti Lakshmi Roller Flour Mills, as well as Adani Wilmar
- Malaysia: Malayan Flour Mills Bhd and PPB Group Bhd
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