Soybeans stay firm on stimulus moves to curb virus impact

Soybeans stay firm on stimulus moves to curb virus impact

The Edge Markets - World·2020-03-04 21:39

PARIS/SINGAPORE (March 4): Chicago soybean futures rose for a third day on Wednesday to a fresh five-week high, as stimulus measures to cushion the economic fallout of a 2019 novel coronavirus (Covid-19) outbreak, lent support to commodity and share prices.

The U.S. soybean market was also underpinned by an increase in export duties in rival supplier Argentina, along with a jump in palm oil futures in Malaysia.

Corn and wheat eased after rising on Tuesday in the wake of the U.S. Federal Reserve's emergency interest rate cut to shield the world's largest economy from the economic consequence of the coronavirus, which has been spreading rapidly around the world.

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