commodities pressured by Corona virus

News that the coronavirus has worsened on Monday. Those fears raised across a broad range of commodities including energy and grains. Wheat contracts were hit the hardest, with some contracts down more than 3 percent. Soybeans lost 1.7 percent today, meantime, with corn down around 1 percent.

In energy space, Oil prices were relatively flat on Tuesday as investors after crude benchmarks dropped by almost 4 percent in the previous session, with concern over the coronavirus, epidemic slowing the global growth and weighting over major economies.  

US crude oil WTI futures ended Monday’s session at 51.32 USD, and currently trading at 51.70 USD at 7:45 GMT. And Brent oil futures ended Monday’s session at 56.15 USD. and currently trading at 56.64 USD at 7:45GMT.

 

Wheat

CBOT wheat March features declined on Monday session pressured by technical maneuvering settle at 5.36 USD per bushel. Prices were higher on today’s session and currently at 5.39-1/4 USD per bushel at 7 GMT.

Wheat export inspections were also relatively disappointing, slipping 18 percent below the prior week’s records to land at 15.1 million bushels. That amount was also on the low end of trade estimates, which landed between 12.9 million and 22.0 million bushels, now stands at 666.7 million bushels, trending 10 percent above last year’s pace so far.

Preliminary volume estimates were for 209,403 CBOT contracts, tilting slightly above Friday’s final count of 206,939.

Corn

CBOT Corn March futures fell on Monday’s session to settle at 3.72-1/4 USD per bushel, and currently trading at 3.71-1/4 USD per bushel at 7:00 GMT.

Corn export inspections reached 35.9 bushels last week, the tally was 47 percent below last year’s pace, which ranged between 23.6 million and 37.4 million bushels.

Preliminary volume estimates were for 451,594 contracts, moving ahead of Friday’s final count of 393,599.

Soybean

CBOT Soybean March futures prices fell on Monday’s pressured by concerns over the coronavirus which triggered a selloff, Soybean futures ended Monday’s session at 5.36 USD per bushel, and currently trading at 5.39-3/4 USD per bushel at 7:00 GMT.

Wheat export inspections were also relatively failed to fulfill, sliding 18 percent below the prior week’s tally to land at 15.1 million bushels. That amount was also on the low end of trade estimates, which ranged between 12.9 million and 22.0 million bushels. Cumulative totals for the 2019/20 marketing year, now stands at 666.7 million bushels, trending 10 percent above last year’s pace.

Preliminary volume estimates were for 209,403 CBOT contracts, tilting slightly above Friday’s final count of 206,939.

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