* Soybeans at highest since March 6 as virus threatens supplies
* Chicago corn futures rise for 2nd session, wheat prices fall (Adds details on Argentina’s soybean supplies, quote in paragraph 3; updates prices)
By Naveen Thukral
SINGAPORE, March 25 (Reuters) - Chicago soybean futures rose for a seventh consecutive session on Wednesday, with the market hitting its highest in more than two weeks on concerns over the coronavirus pandemic disrupting world supplies.
Corn, which is used to make renewable fuel ethanol, rose 1.2% as world oil prices strengthened. Wheat ticked lower.
“General lockdowns and supply curbs are supporting grain and oilseed prices,” said one Singapore-based grains trader. “But these curbs are likely to be limited.”
The most-active soybean contract on the Chicago Board Of Trade added 0.7% to $8.93 a bushel as of 0248 GMT, near the session high of $8.94 a bushel, the highest since March 6.
Corn gained 1.2% to $3.52 a bushel, while wheat was down 0.2% to $5.60-1/4 a bushel.
Soybean deliveries to crushing plants have been severely cut in Argentina, the world’s top supplier of soymeal livestock feed, as the country reacts to the coronavirus pandemic, the local grains export industry chamber said on Tuesday.
More than 70 municipalities throughout the country are enforcing anti-coronavirus measures by controlling the movement of farm produce through their jurisdictions, according to data form the CIARA-CEC export chamber, which represents global companies like Bunge Ltd and Louis Dreyfus Co BV.
In the wheat market, improved U.S. wheat conditions weighed on prices.
The U.S. Department of Agriculture’s crop reports showed improving winter wheat ratings in the U.S. Plains, bolstering yield prospects.
Corn has been under sustained pressure this week after a slump in oil prices depressed demand for renewable fuel ethanol.
However, oil gained for a third session on Wednesday, rising alongside broader financial markets on hopes Washington will soon approve a massive aid package to stem the economic impact of the coronavirus pandemic.
U.S. ethanol producers are on track to shut about 2 billion gallons of annualized output by the end of this week because of a slump in demand for fuel, the head of the Renewable Fuels Association trade group said on Monday.
Commodity funds were net buyers of CBOT corn, soybean and soyoil futures contracts on Tuesday and net sellers of soymeal and wheat, traders said. (Reporting by Naveen Thukral; Editing by Devika Syamnath)