SINGAPORE- Chicago soybean futures slid for an eighth consecutive session on Thursday, trading near a six-week low hit earlier this week, as the coronavirus outbreak added to fears that promised Chinese purchases of US farm goods will not materialize.
Wheat was largely unchanged after closing lower for the past four sessions, while corn gained ground.
“Everyone is focused on the virus which could hurt economic growth and curb demand,”
said one Singapore-based trader at an international trading company.
“Wheat prices are falling as the market had climbed too high, given the supply situation.
There is no shortage of wheat.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) Sv1 slipped 0.2 percent to $8.91-1/2 a bushel, having closed down 0.2 percent on Wednesday. The market dropped to its weakest since mid-December at $8.88-1/4 a bushel on Monday.
Wheat was up 0.04 percent at $5.62-1/2 a bushel and corn gained 0.1 percent to $3.84-1/2 a bushel.
The Chicago wheat market jumped last week to its highest since August 2018.
US Agriculture Secretary Sonny Perdue said on Wednesday he does not know whether China’s coronavirus outbreak will affect Beijing’s pledge to radically increase purchases of American farm goods under the Phase 1 deal signed on Jan. 15.
The virus has added to doubts about Chinese demand after an absence of fresh purchases in the wake of the deal.
The total number of confirmed deaths from the newly identified pathogen in China rose by 38 to 170 and infections also jumped. — Reuters
