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    <title>Business Recorder - Markets - Commodities</title>
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    <copyright>Copyright 2026</copyright>
    <pubDate>Thu, 13 Aug 2026 14:42:19 +0500</pubDate>
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      <title>Exports, crop outlook lift corn, wheat; soy chart turn bullish</title>
      <link>https://www.brecorder.com/news/7936/exports-crop-outlook-lift-corn-wheat-soy-chart-turn-bullish</link>
      <description>&lt;p class="MsoPlainText"&gt;&lt;img style="margin-right: 10px; margin-bottom: 10px; float: left;" alt=" " src="https://i.brecorder.com/images/stories/pics2011/mar/corn.jpg" width="400" height="320" /&gt;BEIJING: Wheat and corn prices rallied around 1 percent on Monday, tracking a surge in oil prices, and soybean futures may also resume their upward trend on positive technical and crop signals.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Chicago Board of Trade May wheat rose 0.73 percent to $7.28-1/4 a bushel by 0724 GMT. CBOT May corn gained 0.95 percent to $6.90 a bushel.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;"The trade in grains is pretty choppy. We had some strong rallies late last week after a big sell-off," said Victor Thianpiriya, agricultural commodity analyst at ANZ in Melbourne.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;He noted corn markets were particularly sensitive after news that US exporters sold over 100,000 tonnes of corn last week.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;"China was a buyer of corn last week. The USDA reported a sale of 116,000 tonne of corn to unknown destination - that probably means China. More news like that will be bullish."&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;A six-day price slide last week, the longest slump in four months, attracted buyers and lifted sales above 1 million tonnes for the seventh time in nine weeks.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Also helping underpin grains prices was a near two percent jump in oil prices on Monday after Western forces launched attacks on Libyan air defences over the weekend.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;May soybeans slipped 0.37 percent to $13.57-1/2 a bushel, but that market could be due for a technical reversal according to Reuters analyst Wang Tao, while unfavourable weather in Brazil may also support prices, in spite of disappointing US sales last week.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;He said soybeans may rally to $14.20 per bushel as a long-term bull trend has resumed.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Support was pegged at $13.40, a fall below which could be limited to stronger support at $13.28, the 50 percent Fibonacci retracement on the rise from $12.70 to $13.85-3/4.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;On the crop front ANZ's Thianpiriya noted crop conditions in Argentina had improved, with crop estimates revised to 48 million tonnes from 47 million tonnes.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;"But in Brazil it's worse. They have been getting a lot of rain but in the past month or two they've had too much and that has knocked two to three million tonnes off the crop estimate."&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;In wheat, the market is eyeing the western US Plains hard red wheat belt for weather and moisture conditions for signs of lower yields.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;Center /&gt;&lt;b&gt;&lt;i&gt;Copyright Reuters, 2011&lt;/b&gt;&lt;/i&gt;&lt;br /&gt;&lt;/center&gt;&lt;/p&gt;
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      <content:encoded xmlns="http://purl.org/rss/1.0/modules/content/"><![CDATA[<p class="MsoPlainText"><img style="margin-right: 10px; margin-bottom: 10px; float: left;" alt=" " src="https://i.brecorder.com/images/stories/pics2011/mar/corn.jpg" width="400" height="320" />BEIJING: Wheat and corn prices rallied around 1 percent on Monday, tracking a surge in oil prices, and soybean futures may also resume their upward trend on positive technical and crop signals.</p>
<p class="MsoPlainText">Chicago Board of Trade May wheat rose 0.73 percent to $7.28-1/4 a bushel by 0724 GMT. CBOT May corn gained 0.95 percent to $6.90 a bushel.</p>
<p class="MsoPlainText">"The trade in grains is pretty choppy. We had some strong rallies late last week after a big sell-off," said Victor Thianpiriya, agricultural commodity analyst at ANZ in Melbourne.</p>
<p class="MsoPlainText">He noted corn markets were particularly sensitive after news that US exporters sold over 100,000 tonnes of corn last week.</p>
<p class="MsoPlainText">"China was a buyer of corn last week. The USDA reported a sale of 116,000 tonne of corn to unknown destination - that probably means China. More news like that will be bullish."</p>
<p class="MsoPlainText">A six-day price slide last week, the longest slump in four months, attracted buyers and lifted sales above 1 million tonnes for the seventh time in nine weeks.</p>
<p class="MsoPlainText">Also helping underpin grains prices was a near two percent jump in oil prices on Monday after Western forces launched attacks on Libyan air defences over the weekend.</p>
<p class="MsoPlainText">May soybeans slipped 0.37 percent to $13.57-1/2 a bushel, but that market could be due for a technical reversal according to Reuters analyst Wang Tao, while unfavourable weather in Brazil may also support prices, in spite of disappointing US sales last week.</p>
<p class="MsoPlainText">He said soybeans may rally to $14.20 per bushel as a long-term bull trend has resumed.</p>
<p class="MsoPlainText">Support was pegged at $13.40, a fall below which could be limited to stronger support at $13.28, the 50 percent Fibonacci retracement on the rise from $12.70 to $13.85-3/4.</p>
<p class="MsoPlainText">On the crop front ANZ's Thianpiriya noted crop conditions in Argentina had improved, with crop estimates revised to 48 million tonnes from 47 million tonnes.</p>
<p class="MsoPlainText">"But in Brazil it's worse. They have been getting a lot of rain but in the past month or two they've had too much and that has knocked two to three million tonnes off the crop estimate."</p>
<p class="MsoPlainText">In wheat, the market is eyeing the western US Plains hard red wheat belt for weather and moisture conditions for signs of lower yields.</p>
<p class="MsoPlainText"><Center /><b><i>Copyright Reuters, 2011</b></i><br /></center></p>
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      <category>Markets</category>
      <guid>https://www.brecorder.com/news/7936</guid>
      <pubDate>Mon, 21 Mar 2011 07:44:06 +0500</pubDate>
      <author>none@none.com (Abdul Ahad)</author>
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