Corn slumps as coronavirus fears spook investors

Corn futures and most agricultural commodities fell during trading hours on the Chicago Stock Exchange on Monday, as investor took shelter in safe havens amid a risk-off move.

This came as the deadly Coronavirus continues to spread in China and other countries such as the US, South Korea, Japan, Australia and Malaysia, amid market's expectations of slowing demand for most commodities.

China announced that the Corona virus has claimed 81 victims and more than 2,800 infected cases, adding that authorities has locked down 2 cities to combat the virus in its "ground zero".

Analysts fear the global economy will be sharply impacted by the virus outbreak, similar to what happened back in 2002/03 in the SARS virus crisis, with losses that reached $40 billion.

Corn March futures fell by 1.7% to close at $3.80 a bushel, after hitting a day high of $3.84 and a low of $3.77.