Soybeans and grains fell in in a single day trading amid raised concerns in regards to the coronavirus (COVID-19), as the illness spreads outside of China.
The cases toll in China reached 77,000, and virtually 2,600 people have died from the disease, in line with the nation’s health authorities.
It’s the spread of the virus outside of the Asian nation that has some worried. South Korea stated it now has 833 cases and that seven people have died.
Italy has reported 130 cases and three deaths. Iran stated that at least 12 individuals have died.
The U.S. now has 14 confirmed cases, in accordance with the Centers for Disease Control and Prevention. Moreover, three individuals who’d screened positive for the coronavirus had been returned from Wuhan, China, and 18 had been aboard the Diamond Princess cruise ship that was isolated in Yokohama, Japan.
Global equity and commodity markets plunged on concerns about how the disease’s spread would have an effect on trade.
Soybean futures for March delivery plunged 9 1/4¢ to $8.81 ¼ a bushel overnight on the Chicago Board of Trade. Soymeal dived $1.90 to $292.90 a short ton, and soy oil lost 0.71¢ to 30.30¢ a pound.
Wheat futures for May delivery dipped 9 3/4¢ to $5.42 ¼ a bushel while Kansas City futures lost 8¢ to $4.67 ½ a bushel.