In March, international prices of the three main grains registered drops in a few sessions. Still, it was followed by rebounds in their costs that made it possible to amortize the losses caused by the ups and downs of the world economy.
Grain economists and commercial operators considered that the volatility and swings in the grain prices in the international market would remain. It’ll continue until there is some certainty about the outcome of the coronavirus pandemic. Analysts predict a fall in the world economy that will affect commodities.
Agustin Tejeda, a chief economist of the Buenos Aires Cereal Exchange, stated that volatility is going to be amplified in the grain market since more countries are infected. To mitigate the impact of the crisis, they are taking more restrictive measures. There is significant uncertainty in general, the economist says.
Soybeans in the Chicago market fell more than the US $10 in their prices. They went from the US $ 327.21 (March 2) to the US $ 316.92 at the end of the previous week. In the span of four sessions, between March 10 and 16, the prices had very pronounced declines that led the oilseed to lose almost US $ 20.
Corn was in the worst case. It lost 8.27% of its value since the beginning of March, and it was the only grain that didn’t rebound.
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The latest news on the Coronavirus
Up until now, the coronavirus has infected more than 341,815 people. More than 14,757 died, and nearly 100,000 people have recovered. The lethal virus is affecting 192 countries and territories around the world.
The number of deaths in Italy has outnumbered China’s. Chinese fatalities fell sharply, and Europe became the epicentre of a pandemic that is killing thousands and devastating the global economy.
The death toll is rising in Italy, which has the world’s second-oldest population after Japan. More than 59,138 people have been infected in the country, and total deaths count 5, 476.
More than 400 people have died in the last hours in Spain. According to the data from the Ministry of Health of Spain, more than 1,813 people have already died. The deadly virus has infected almost 30,000 people in the country.
FDA approved a rapid coronavirus test that can return results in 45 minutes. However, they will likely be used in only the most urgent situations. David Persing, Chief Medical Officer of Cepheid, the company that developed the test, said that this technology shouldn’t be used in a doctor’s office, at least initially. Cepheid will make millions of tests over the next few months.
The US has been disturbed by the severe shortage of tests. As a result, the number of confirmed cases in the US skyrocketed. The country recorded more than 35,070 cases.
Cepheid’s production capacity is limited. By contrast, other companies will be able to produce millions of tests by April. The US is in short of supplies, such as chemical reagents and swabs, which are needed to run the tests.