SINGAPORE- Chicago wheat and corn futures slid for a second straight session on Thursday, with pressure from a broader decline in commodities and stock markets, as fears of the coronavirus outbreak developing into a pandemic weighed on prices.
Soybeans fell for the first time in three sessions.
“There is downside in grains at least for the near term, I think so,” said Ole Houe, director of advisory services at brokerage IKON Commodities.
“Agricultural markets are more driven by market sentiment due to the spread of the virus than the underlying supply and demand fundamentals.”
The most active wheat contract on the Chicago Board Of Trade lost 0.7 percent to $5.32-1/4 a bushel, having closed down 0.2 percent on Wednesday.
Corn was down 0.3 percent to $3.73-1/4 a bushel and soybeans gave up 0.4 percent to $8.88-1/2 a bushel.
Oil and Asian shares slipped, struggling to find a footing as the rapid global spread of the coronavirus left investors on the edge and seeking safety in gold and bonds.
Most new virus cases are now being reported outside China – the origin of the outbreak – with South Korea, Italy and Iran emerging as new epicenters. — Reuters
