Corn, wheat and soybeans fell as a resurgent virus fueled demand concerns amid a broader pullback in commodities New coronavirus cases in the U.S. surged to the highest weekly level since early February, fueled by the highly transmissible delta variant . Oil futures touched an 11-week low, potentially signaling weaker demand for biofuels derived from corn and soybeans.Rain forecast throughout the U.S. Farm Belt this week, including in drought-stressed North Dakota, further weighed on crop prices.Benchmark soft winter wheat led the decline, falling as much as 1.5% to $7.0825 a bushel, but still above the 50-day moving average. Grains traders are awaiting a key report later this week from the U.S. Department of Agriculture , which will update estimates for world output and stockpiles. Producers from Canada to Russia to France have suffered from adverse weather recently, but there are also signs that still-elevated crop prices are turning off buyers.Corn, soybeans and lean hogs all fell as the Covid-19 resurgence in China is hurt fuel demand as well. The outbreak could also cut into restaurant purchases of foods like cooking oils and meat and disrupt logistics in a major consumer of farm goods.

Source: Economic Times August 11, 2021 06:00 UTC