Prices stabilise after Monday's crash on coronavirus fears

• Wheat fell to its lowest since Dec. 13 as weakness in the Russian rouble, which boosts Russian export prospects, and warm winter weather burdened prices.

HAMBURG: Chicago corn and soybeans rose on Tuesday, stabilising after deep losses the previous session when global markets crashed on fears about the impact of the coronavirus outbreak.

Wheat fell to its lowest since Dec. 13 as weakness in the Russian rouble, which boosts Russian export prospects, and warm winter weather burdened prices.

The Chicago Board of Trade's most-active soybean contract  had risen 0.2% to $8.84-3/4 a bushel by 1203 GMT. Corn  was up 0.1% at $3.76-3/4 a bushel.

Wheat was down 0.5% at $5.31-3/4 a bushel having fallen as far as 5.30-1/2.

Chicago corn and soybeans fell nearly 2% on Monday and wheat dropped almost 3% on fears about the spread of the coronavirus outbreak outside China.

"Markets are stabilising today but with a weak trend after Monday's period of almost global market panic about coronavirus," said Matt Ammermann, commodity risk manager with INTL FCStone, noting that equity markets were also calmer.

"The coronavirus has been a market factor for a couple of months now and there is concern that the disease is spreading outside China. But markets are taking a calmer view and it is possible we could see a bounce upwards during the week."

Fears mounted that the coronavirus outbreak in China will grow into a pandemic with serious consequences for countries around the world, after sharp rises in infections in South Korea, Italy and Iran and other cases found in the Middle East Gulf.

"There is lots of uncertainty around coronavirus at present which makes it hard to predict market direction," said Phin Ziebell, agribusiness economist at National Australia Bank.

Meanwhile, despite the signing of the Phase 1 deal with the U.S. in mid-January, China has been virtually absent as a buyer of U.S. farm products such as soybeans and grains, something Ammermann said was a ongoing depressing factor.

"Wheat is being weakened by remarkably warm weather in much of the northern hemisphere which means winter frost damage...is hardly a theme so far. If there are no sudden weather shocks, good harvests with sufficient supplies are on the horizon," Ammermann said.

"The falling value of the Russian rouble will be positive for Russian wheat export prices which is also a factor depressing U.S. wheat today," he added.

The Russian rouble fell more than 2% against the dollar on Tuesday.