US wheat futures fall for third session

US wheat futures fell for a third straight session on Friday as the continued spread of coronavirus beyond China dragged down broader markets and stoked concerns that the crisis could trigger a global recession, traders said.

Global stocks and oil prices fell sharply as traders fretted over the economic impact of the spread of the virus. Stock markets were on course for their steepest weekly fall since the 2008 global financial crisis.

Actively traded Chicago Board of Trade May futures fell to a the lowest level since Nov. 18 with its seventh daily decline in eight sessions. The 4.9% weekly drop was the largest for a most-active contract in a year.

Losses were limited by bargain buying and end-of-week and end-of-month short covering.