Wheat futures in Chicago tumbled for a fifth
day in the longest losing streak since January, dropping below
$5 a bushel to the lowest in two months, on prospects for ample
global supplies.
Soybeans retreated for a third day, while corn eased as
tensions between the U.S. and China over the coronavirus
pandemic rekindled concerns over the outlook for purchases of
American farm goods. China is still willing to meet its
commitments as long as the U.S. creates a friendly atmosphere
for more imports to take place, a Chinese agricultural expert
said Wednesday.
Australian farmers are already bracing for a jump in
tariffs on barley sales to China in a move some analysts see as
linked to bilateral diplomatic tensions.
The U.S. Department of Agriculture on Tuesday predicted
record global wheat stockpiles, while supplies of corn and
soybeans are seen remaining ample, especially with the
coronavirus outbreaks hitting demand for biofuel.
(Bloomberg)