Commodities react negatively to new coronavirus details
Thursday the Center for Disease Control reported the first case of coronavirus in the U.S. with “unknown origins.”
In response, ag commodities tumbled overnight and were mostly lower early in Friday’s session. Oversold signals might come into play at some point during today’s session. Corn is already showing some signs of that, as are nearby hogs.
Rabobank analyst Ben Laine tells Brownfield if coronavirus was to spread throughout the U.S. as it has in other countries, agriculture could see an immediate impact at foodservice. “It’s likely foodservice would be the biggest hit just because that’s going to be where people start to avoid going out.”
Nearly 84,000 cases of the virus have been confirmed across the globe in 50 countries. CDC officials this week have said it’s a matter of when, not if the virus will spread in the U.S.