March 12, 2020 / 2:07 AM / in 25 days

GRAINS-Soybeans drop to 6-month low, wheat eases for a second day

SINGAPORE, March 12 (Reuters) - Chicago soybean futures slid for a second session on Thursday to a six-month low on the threat of deeper economic damage from the coronavirus, dragging down global stocks and commodities.

Wheat slid 1%, while corn lost 0.9%

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade gave up 0.9% to $8.65 a bushel by 0137 GMT. Earlier in the session, the market dropped to its weakest since Sept. 11 at $8.64-3/4 a bushel.

* Corn fell 0.9% to $3.71 a bushel and wheat gave up 1% to $5.07-3/4 a bushel.

* Italy was set to tighten a nationwide lockdown and Denmark has shut all schools and universities, as countries worldwide batten down against the coronavirus outbreak, which has now been officially declared a pandemic.

* Exchange operator CME Group Inc said on Wednesday it would close its Chicago trading floor after business hours on Friday to reduce large gatherings.

* The U.S. Energy Information Administration said U.S. ethanol stockpiles last week fell to 24.33 million barrels, backing down from the previous week’s record high, while output of the corn-based fuel fell to 1.04 million barrels per day.

* Meanwhile, farm office FranceAgriMer lifted its forecast for French soft wheat exports outside the European Union this season for the sixth month in a row, saying it saw no immediate impact from the coronavirus outbreak on brisk demand for French supplies.

MARKET NEWS

* Global shares were set for a rocky ride as investors tally the economic damage of coronavirus, a day after the U.S. Dow Jones industrials entered bear market territory and world health officials declared the virus a pandemic.

DATA/EVENTS (GMT) 1200 India Industrial Output Jan 1230 US Initial Jobless Claims Weekly 1245 EU ECB Refinancing Rate March 1245 EU ECB Deposit Rate March 1330 EU ECB President Christine Lagarde speaks at a press conference on the outcome of the meeting of the Governing Council (Reporting by Naveen Thukral; Editing by Devika Syamnath)

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