(Businessweek) – Soybeans dropped for a second day on concern that a new bird flu outbreak in China may scare consumers, slowing meat consumption and feed use in the world’s largest buyer of the oilseed. Corn and wheat also fell.
The contract for May delivery lost as much as 0.3 percent to $13.76 a bushel on the Chicago Board of Trade and was at $13.7675 by 3:22 p.m. Singapore time. Futures fell 1 percent yesterday.
Two people in Hangzhou city were infected with the H7N9 strain of avian influenza, one of whom died, China’s official Xinhua News Agency said yesterday. The virus has infected at least nine people and killed three of them since China’s health ministry reported the first cases last month, the wire service said. The other two deaths were in Shanghai. Cases have also been reported in Anhui and Jiangsu provinces.
“China’s new H7N9 avian flu strain has raised concerns that livestock demand will be affected,” Joyce Liu, an analyst at Phillip Futures Pte, wrote in a note to clients today.“There’s further room for downside movement.”
Corn for May delivery slipped 0.3 percent to $6.395 a bushel, while wheat declined 0.4 percent to $6.935 a bushel.
