Wheat hiked in overnight trading after the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) stated production in the nation would drop to a 12-year low.
ABARES stated it now anticipates production of around 15.2 million metric tons, the lowest since 2008. The U.S. Agriculture Department last week secured output at 15.6 million tons.
Wheat futures for March delivery soared 12¢ to $5.54 ¾ a bushel in a single day on the Chicago Trade Board while Kansas City futures advanced 9 1/2¢ to $4.75 per bushel.
Soybeans and corn hovered overnight after markets had been closed Monday in observance of President’s Day in the U.S. as the coronavirus’s rate of development slowed in much of China.
In mainland China, over 72,000 cases have been confirmed, and nearly 1,900 individuals have died, according to health delegates. The director of a hospital in Wuhan has died due to the disease.
The rate of growth in the number of instances, however, has slowed.
Fourteen People who had been removed from a cruise ship that had been isolated in the bay of Yokohama, Japan, had been confirmed to have the coronavirus. Over 300 U.S. residents from the ship had been flown back to the U.S., where they’ll be quarantined at Air Force bases in Texas and California.
Outside of China, 794 cases were confirmed as of Monday in 25 nations, in line with WHO.