April 4 (Bloomberg) -- Soybeans fell for a second day in Chicago amid concern an outbreak in China of a new bird-flu strain may curb meat consumption, in turn reducing the oilseed’s use in animal feed in the world’s biggest importer.
The H7N9 strain of avian influenza that emerged in eastern China has infected at least 10 people and killed three of them, according to the official Xinhua News Agency. The new cases may stoke concern about a drop in poultry consumption, Paris-based farm adviser Agritel wrote.
"China’s new H7N9 avian-flu strain has raised concerns that livestock demand will be affected," Joyce Liu, an analyst at Phillip Futures Pte, wrote in a note to clients today. "There’s further room for downside movement."
Soybeans for delivery in May slipped 0.1 percent to $13.7875 a bushel by 5:19 a.m. on the Chicago Board of Trade, rebounding from a retreat of as much as 0.4 percent. A close at the current price would be the lowest since Jan. 11, according to figures compiled by Bloomberg.
Corn for delivery in May shed 0.4 percent to $6.3925 a bushel, set to drop for a fourth session in five.
Wheat for delivery in May fell 0.4 percent to $6.94 a bushel. Milling wheat for the same delivery month traded on NYSE Liffe in Paris added 1 percent to 243 euros ($311) a metric ton and the November contract rose 0.7 percent to 215.50 euros.
Cold weather is creating concern about delayed crop growth in Europe that should result in reduced yield potential at this point, according to Agritel.
--Editors: Dan Weeks, John Deane.
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