SINGAPORE- Chicago soybeans rose on Monday to a one-week high as global markets recovered on hopes of monetary stimulus, although gains were curbed by concerns over declining demand in top importer China due to the coronavirus outbreak.
Corn gained ground, while wheat edged lower.
“Demand has weakened mainly for soybeans in China and we have abundant supplies,” said one Singapore-based trader at an international trading company.
“For wheat, we don’t expect Chicago futures to rally as prices in the physical market are on a downward trend.”
The most-active soybean contract on the Chicago Board Of Trade added 0.5 percent at $8.97-1/4 a bushel, near the session high of $9.01 a bushel – the highest since Feb. 21. Soybeans closed down 0.3 percent on Friday.
Corn was up 0.9 percent at $3.71-1/2 a bushel and wheat lost 0.1 percent to $5.24-1/4 a bushel.
Asian shares steadied from early losses as investors placed their hopes on a coordinated global monetary policy response to weather the damaging economic impact of the coronavirus epidemic. MKTS/GLOB – Reuters
