SINGAPORE- Chicago soybeans ticked higher on Monday, supported by bargain buying after prices earlier dropped to their lowest since May on concerns about the economic impact of the fast-spreading coronavirus.
Wheat slid, falling for three out four sessions, while corn rose.
“There is not much upside in prices of soybeans and wheat,” said one Singapore-based trader. “Brazil has a big soybean crop while the wheat crop is developing across the northern hemisphere.”
The most-active soybean contract on the Chicago Board Of Trade was up 0.5 percent at $8.53-1/4 a bushel, after declining to $8.39 a bushel, the lowest since May 28, earlier in the session. It has dropped for the last three sessions.
Wheat was down 0.2 percent at $5.05-1/4 a bushel, while corn was up 0.1 percent at $3.66-1/4 a bushel.
Global demand for grains has come under pressure due to the global spread of the coronavirus, which has forced entire societies to shut down.
Stocks were slammed on Monday and the dollar battered after emergency rate cuts in the United States and New Zealand, and a raft of steps by policymakers worldwide failed to stem the rout in markets spooked by the broadening fallout of the coronavirus. — Reuters
