# Coronavirus weighs on global grain markets  | Queensland Country Life | QLD

> World grain markets fell sharply in recent weeks on fears that coronavirus could trigger a global recession and collapse export demand. US wheat futures dropped 8% over a few weeks, and palm oil prices fell 25% since mid-January. The Australian dollar hit an 11-year low near 65 US cents.

- Date: 2020-03-02 · published 2020-03-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/12540-coronavirus-weighs-on-global-grain-markets-queensland-country-life-qld
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Corn](https://feedsoft.ai/c/CORN.md), [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

Demand fears from the coronavirus slowdown, particularly weaker Chinese demand, are pressuring grain and vegetable oil prices, while a weaker Australian dollar cushions Australian farmers.

## Read by commodity

- CORN: bearish ▼
- WHEAT: bearish ▼
- AUDUSD: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-08-23 | [US grain markets bumpy amid global challenges \| World Grain](https://feedsoft.ai/events/34625-us-grain-markets-bumpy-amid-global-challenges-world-grain.md) | -4.8% | -2.0% |
| WHEAT | 2026-10-28 | [Wheat prices fall as global supply weighs on markets - Farmers Weekly](https://feedsoft.ai/events/443-wheat-prices-fall-as-global-supply-weighs-on-markets-farmers-weekly.md) | +0.2% | — |
| WHEAT | 2026-06-17 | [Wheat markets shrug off US-Iran deal as freight, harvests take focus \| S&P Global](https://feedsoft.ai/events/16848-wheat-markets-shrug-off-us-iran-deal-as-freight-harvests-take-focus-s-and-p.md) | -1.6% | -1.9% |
| WHEAT | 2022-11-22 | [Black Sea grain corridor lives on](https://feedsoft.ai/events/14443-black-sea-grain-corridor-lives-on.md) | -1.2% | -3.7% |
| WHEAT | 2026-08-18 | [Problems with Russian Black Sea exports are starting to pressure Central Asian grain markets](https://feedsoft.ai/events/17992-problems-with-russian-black-sea-exports-are-starting-to-pressure-central-asian.md) | +0.4% | +3.8% |
| PALMOIL | 2022-02-27 | [Ukraine crisis: Agri commodities prices plunge in global markets as supply fears recede - The HinduBusinessLine](https://feedsoft.ai/events/8528-ukraine-crisis-agri-commodities-prices-plunge-in-global-markets-as-supply-fears.md) | +9.2% | +9.9% |
| PALMOIL | 2022-03-14 | [Palm plummets nearly 10% as rival Dalian oils, crude weaken - Markets - Business Recorder](https://feedsoft.ai/events/5499-palm-plummets-nearly-10-as-rival-dalian-oils-crude-weaken-markets-business.md) | -5.0% | -10.6% |
| PALMOIL | 2022-03-28 | [Palm falls as crude prices slump, March exports weaken - Markets - Business Recorder](https://feedsoft.ai/events/5916-palm-falls-as-crude-prices-slump-march-exports-weaken-markets-business-recorder.md) | -13.0% | -3.9% |

## Sources

- queenslandcountrylife.com.au: https://www.queenslandcountrylife.com.au/story/6657488/coronavirus-weighs-on-global-grain-markets/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.