March 17, 2020 / 1:49 AM / 15 days ago

GRAINS-Soybeans snap five sessions of loss to jump nearly 1%

SYDNEY, March 17 (Reuters) - U.S. soybeans rose nearly 1% on Tuesday after five straight sessions in the red, though gains were checked by growth worries over the aggressive global spread of the coronavirus.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were up 0.9% at $8.29 a bushel by 0055 GMT, having slumped 3.2% on Monday, when prices hit a May 24 low of $8.21 a bushel.

* The most-active corn futures were up 0.1% at $3.55 a bushel after hitting a low of $3.53-3/4 a bushel earlier in the session - the lowest since Sept. 12. Corn closed 3.1% lower on Monday.

* The most-active wheat futures were up 0.4% at$5.00-1/2 a bushel, having closed down 1.8% on Monday when prices hit an Oct. 11 low of $4.91-3/4 a bushel.

* Grain prices have come under sustained pressure as the coronavirus pandemic threatens demand for commodities.

* The U.S. Agriculture Department said on Monday morning that weekly export inspections came in at 977,879 tonnes for corn, 449,653 tonnes for wheat and 436,358 tonnes for soybeans. The weekly totals were in line with market forecasts.

MARKET NEWS

* The safe-haven Japanese yen held largely firm, while risk-sensitive currencies struggled to stay afloat as coordinated moves by central banks failed to quell investor trepidation over the spreading coronovirus pandemic.

* Oil prices fell below $30 a barrel on Monday after the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.

* Wall Street suffered its biggest drop since the crash of 1987 on Monday after unprecedented steps taken by the Federal Reserve, lawmakers and the White House to slow the spread and blunt the economic hit of the coronavirus failed to restore order to markets.

DATA/EVENTS (GMT) 0930 UK Claimant Count Unem Chng Feb 0930 UK ILO Unemployment Rate Jan 1000 Germany ZEW Economic Sentiment March 1000 Germany ZEW Current Conditions March 1230 US Retails Sales MM Feb 1315 US Industrial Production MM Feb

Reporting by Colin Packham; Editing by Devika Syamnath

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