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GRAINS-Soybeans ease as virus death toll jumps, wheat up for 2nd day

Godis barly

Feb. 13, 2020

* Soybeans snap eight sessions of gains amid China virus scare
* Virus could reduce Chinese purchases of U.S. goods - White House (Adds details, quote in paragraph 3, and updates prices)
By Naveen Thukral
SINGAPORE, Feb 13 (Reuters) - Chicago soybean futures snapped an eight-session winning streak on Thursday, as a sharp increase in the death toll from a coronavirus outbreak in China stoked fears about demand from the world's top importer of the oilseed.
Wheat rose for a second session, while corn fell after closing higher in the previous session.
"There is limited upside potential in prices of agriculture products because of the coronavirus," said one Singapore-based trader. "Wheat prices are edging higher as the market is bouncing from lows, but on the supply side there is no shortfall or major crop concerns."
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $8.91-3/4 a bushel, by 0358 GMT, having hit a Jan. 29 high of $8.94-1/2 a bushel earlier in the session.
Wheat added 0.3% to $5.49-1/4 a bushel, having closed 1% firmer on Wednesday after prices had earlier hit a Dec. 16 low of $5.38 a bushel. Corn fell 0.3% to $3.82 a bushel.
The number of deaths in China's central Hubei province from the virus outbreak jumped by 242 to 1,310, as of Wednesday, the province's health commission said on Thursday.
The coronavirus outbreak could reduce Chinese purchases of U.S. farm goods, White House national security adviser Robert O'Brien said on Tuesday
China, however, has not informed the United States of any delays or reductions of its planned purchases of U.S. agricultural goods under the Phase 1 trade deal due to the outbreak of coronavirus, U.S. Department of Agriculture Under Secretary of Trade Ted McKinney said on Wednesday.
The U.S. Department of Agriculture (USDA) in a monthly report on Tuesday trimmed its forecast for 2019-20 world wheat ending stocks to 288.03 million tonnes, nearly unchanged from 288.08 million previously.
Analysts surveyed by Reuters on average had expected a bigger reduction to 287.44 million tonnes.
Commodity funds were net buyers of CBOT corn, soybean, wheat, soyoil and soymeal futures contracts on Wednesday, traders said. (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
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