Coronavirus Fears Creep Into Official U.S. Commodity Forecasts
- USDA, EIA cut estimates for cotton and petroleum consumption
- Raw material prices have fallen since virus took center stage
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Fears that the coronavirus epidemic will slash demand for commodities have begun to creep into U.S. government reports.
The U.S. Department of Agriculture on Tuesday cut its forecast for Chinese cotton consumption by 1 million bales “due in part to the negative economic effects of the novel coronavirus outbreak.”