London Wheat Dips Below GBP100

London wheat futures dipped below the psychologically important £100/tonne mark Monday tracking a broader decline in commodities amid financial market concerns as U.S. lawmakers got ready to vote on a $700 billion rescue package.

At 11.30am BST Nov feed wheat was down £3.50/tonne at £99.50/tonne, its lowest level since June 2007.

Questions abound as to whether the proposed US rescue plan would restore confidence to shaky markets and head off a deep recession.

Commodities fell, led by oil, copper and lead, on concern the plan will fail to unlock credit markets and avert a slowdown in the world's largest economy.

Nov crude was more than $3 lower at $103.75/barrel.