Corn slumps as coronavirus fears spook investors

Economies.com
2020-01-27 22:22PM UTC

Corn futures and most agricultural commodities fell during trading hours on the Chicago Stock Exchange on Monday, as investor took shelter in safe havens amid a risk-off move.

 

This came as the deadly Coronavirus continues to spread in China and other countries such as the US, South Korea, Japan, Australia and Malaysia, amid market's expectations of slowing demand for most commodities.

 

China announced that the Corona virus has claimed 81 victims and more than 2,800 infected cases, adding that authorities has locked down 2 cities to combat the virus in its "ground zero".

 

Analysts fear the global economy will be sharply impacted by the virus outbreak, similar to what happened back in 2002/03 in the SARS virus crisis, with losses that reached $40 billion.

 

Corn March futures fell by 1.7% to close at $3.80 a bushel, after hitting a day high of $3.84 and a low of $3.77.

Commodities News

Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...
Oil News

Commodities

US crude stocks rise unexpectedly
2024-03-27 15:39PM UTC
The Energy Information Administration reported a buildup of 3.2 million barrels in US crude stocks ...
Oil News

Commodities

Oil prices extend losses after a spike in US inventories
2024-03-27 13:21PM UTC
Oil prices declined in European trade on Wednesday, extending losses for the second session, with ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...
Silver Analysis

Commodities

Silver price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Silver Price Analysis Silver price faces expected negative pressure to test the key support ...