KSE100 34350.42  ▲ Increased By 231.03 (0.68%)
KSE30 15000.89  ▲ Increased By 85.48 (0.57%)
BR100 3516.22  ▲ Increased By 11.22 (0.32%)
BR30 18244.64  ▲ Increased By 13.27 (0.07%)

Business Recorder Logo

Jun 07, 2020 PRINT EDITION
Markets

CBOT corn sets two-month low on favorable US weather outlook

CHICAGO: Chicago Board of Trade (CBOT) corn futures dropped to their lowest prices in more than two months on Wednes

July 31, 2019

CHICAGO: Chicago Board of Trade (CBOT) corn futures dropped to their lowest prices in more than two months on Wednesday as US crop weather looked mostly favorable, traders said.

* CBOT September corn slid 11 cents to $4.00-1/4 per bushel. New-crop December corn dropped 11 cents to $4.10.

* Both contracts hit their lowest prices since May 24.

* The US Department of Agriculture, in a daily weather report, said slightly below-normal temperatures are ideal for corn and soybeans in the nation's corn belt. Pockets of unfavorable dryness persist, according to the agency.

* Weather forecasts are "giving the corn bulls no fodder," according to broker INTL FCStone.

* Traders still remain uncertain about US crop prospects, following heavy rains that caused unprecedented planting delays this spring.

* The USDA is set to issue an update on plantings in a monthly crop report due out on Aug. 12.

* On Thursday, traders will assess weekly US grain and soybean export sales data from the USDA.

Copyright Reuters, 2019