The death toll from the virus in China rose to 81 on Monday.
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International grain markets have come under pressure over the weekend due to the growing fear of the economic fallout from the spread of coronavirus.
The death toll from the virus in China rose to 81 on Monday, while the government there extended the lunar new year holiday in a bid to slow the movement of people.
Travel restrictions
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Travel restrictions, coupled with a reluctance by China’s people to visit restaurants, is expected to further hurt demand for key commodities, including grain.
This is in a nation where the demand for livestock feed has already been slashed due to African swine fever which decimated the country’s pig herd.
Weakened sentiment
This news further weakened sentiment in grain markets after phase one of the trade agreement between Beijing and Washington earlier this month failed to inspire confidence in traders.
In the US, Chicago wheat markets fell 2% on Monday, while soya beans slipped to a new six-week low. US maize also fell sharply, eroding grains from a three-month high last week.
To find out how this will impact on Irish prices, read the full story in this Thursday’s market report in the Irish Farmers Journal.
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International grain markets have come under pressure over the weekend due to the growing fear of the economic fallout from the spread of coronavirus.
The death toll from the virus in China rose to 81 on Monday, while the government there extended the lunar new year holiday in a bid to slow the movement of people.
Travel restrictions
Travel restrictions, coupled with a reluctance by China’s people to visit restaurants, is expected to further hurt demand for key commodities, including grain.
This is in a nation where the demand for livestock feed has already been slashed due to African swine fever which decimated the country’s pig herd.
Weakened sentiment
This news further weakened sentiment in grain markets after phase one of the trade agreement between Beijing and Washington earlier this month failed to inspire confidence in traders.
In the US, Chicago wheat markets fell 2% on Monday, while soya beans slipped to a new six-week low. US maize also fell sharply, eroding grains from a three-month high last week.
To find out how this will impact on Irish prices, read the full story in this Thursday’s market report in the Irish Farmers Journal.
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