SINGAPORE- Chicago soybean futures snapped an eight-session winning streak on Thursday, as a sharp increase in the death toll from a coronavirus outbreak in China stoked fears about demand from the world’s top importer of the oilseed.
Wheat rose for a second session, while corn fell after closing higher in the previous session.
“There is limited upside potential in prices of agriculture products because of the coronavirus,” said one Singapore-based trader. “Wheat prices are edging higher as the market is bouncing from lows, but on the supply side there is no shortfall or major crop concerns.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1 percent at $8.91-3/4 a bushel, having hit a Jan. 29 high of $8.94-1/2 a bushel earlier in the session.
Wheat added 0.3 percent to $5.49-1/4 a bushel, having closed 1 percent firmer on Wednesday after prices had earlier hit a Dec. 16 low of $5.38 a bushel. Corn fell 0.3 percent to $3.82 a bushel.
The number of deaths in China’s central Hubei province from the virus outbreak jumped by 242 to 1,310, as of Wednesday, the province’s health commission said on Thursday.
The coronavirus outbreak could reduce Chinese purchases of US farm goods, White House national security adviser Robert O’Brien said on Tuesday — Reuters
