Chicago Close: Coronavirus Slowdown Offers Support

Corn, wheat and soybean futures finished mainly higher on Wednesday amid a slowdown in the number of new coronavirus cases in China.

China today reported its lowest daily number of new coronavirus cases since late January, raising hopes the outbreak may be subsiding and helping to also power some outside, non-ag markets higher, including oil. However, World Health Organization officials have warned it remains too early to call a peak in the spread of the virus.

Soybeans were further supported by a round of short covering. March beans were 7 ¾ cents higher at $8.92 ½ and new-crop November was up 2 cents at $9.21 ¼.

Corn overcame bearish ethanol news to post gains. The U.S. Energy Information Administration reported today that American ethanol supplies hit more than six-month highs last week. March corn was 3 ¼ cents higher at $3.83 and December gained a penny to $3.93.

For wheat, the March Chicago contract was 5 ½ cents higher at $5.47 ½, March Kansas City gained 2 ¾ cents to $4.71 and March Minneapolis was steady at $5.31 ¼.

Live cattle and lean hog futures were both mixed today.

Source: DePutter Publishing Ltd.

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