SINGAPORE  - Chicago wheat and corn futures slid for a second straight session on Thursday, with pressure from a broader decline in commodities and stock markets, as fears of the coronavirus outbreak developing into a pandemic weighed on prices.

Soybeans fell for the first time in three sessions.

"There is downside in grains at least for the near term, I think so," said Ole Houe, director of advisory services at brokerage IKON Commodities.

"Agricultural markets are more driven by market sentiment due to the spread of the virus than the underlying supply and demand fundamentals."

The most active wheat contract on the Chicago Board Of Trade lost 0.7% to $5.32-1/4 a bushel by 0327 GMT, having closed down 0.2% on Wednesday.

Corn was down 0.3% to $3.73-1/4 a bushel and soybeans Sv1 gave up 0.4% to $8.88-1/2 a bushel.

Oil and Asian shares slipped, struggling to find a footing as the rapid global spread of the coronavirus left investors on the edge and seeking safety in gold and bonds.

Most new virus cases are now being reported outside China - the origin of the outbreak - with South Korea, Italy and Iran emerging as new epicentres.

The virus first discovered at end-2019 has now infected about 80,000 people worldwide and killed more than 2,700, the vast majority in China. Cases have increased outside of China this week, including in major grain importers Japan and South Korea.

Argentina's Ministry of Agriculture on Wednesday suspended the registration of agricultural exports until further notice, a move seen as foreshadowing a jump in grain export tariffs under the country's new government.

Ukraine's grain exports have risen about 23% to 40.1 million tonnes so far in the 2019/20 July-June season, the Ministry for Development of Economy, Trade and Agriculture said on Wednesday.

Wheat exports rose to 16.5 million tonnes, the ministry said. Ukraine also exported about 4 million tonnes of barley and 19.1 million tonnes of corn.

Commodity funds were net buyers of CBOT soybean and soymeal futures contracts on Wednesday and net sellers of corn, wheat and soyoil, traders said.

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu) ((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))