AIRLINK 72.18 Increased By ▲ 0.49 (0.68%)
BOP 4.93 Decreased By ▼ -0.07 (-1.4%)
CNERGY 4.35 Decreased By ▼ -0.04 (-0.91%)
DFML 28.49 Decreased By ▼ -0.06 (-0.21%)
DGKC 81.30 Decreased By ▼ -1.10 (-1.33%)
FCCL 21.50 Decreased By ▼ -0.45 (-2.05%)
FFBL 33.05 Decreased By ▼ -1.10 (-3.22%)
FFL 9.86 Decreased By ▼ -0.22 (-2.18%)
GGL 10.48 Increased By ▲ 0.36 (3.56%)
HBL 114.00 Increased By ▲ 1.00 (0.88%)
HUBC 140.00 Decreased By ▼ -0.50 (-0.36%)
HUMNL 9.03 Increased By ▲ 1.00 (12.45%)
KEL 4.73 Increased By ▲ 0.35 (7.99%)
KOSM 4.38 Decreased By ▼ -0.12 (-2.67%)
MLCF 37.65 Decreased By ▼ -0.36 (-0.95%)
OGDC 133.70 Decreased By ▼ -0.99 (-0.74%)
PAEL 25.60 Decreased By ▼ -1.02 (-3.83%)
PIAA 23.98 Decreased By ▼ -1.42 (-5.59%)
PIBTL 6.48 Decreased By ▼ -0.07 (-1.07%)
PPL 122.62 Increased By ▲ 0.67 (0.55%)
PRL 27.07 Decreased By ▼ -0.66 (-2.38%)
PTC 13.60 Decreased By ▼ -0.20 (-1.45%)
SEARL 56.62 Increased By ▲ 1.73 (3.15%)
SNGP 69.24 Decreased By ▼ -0.46 (-0.66%)
SSGC 10.34 Decreased By ▼ -0.06 (-0.58%)
TELE 8.45 Decreased By ▼ -0.05 (-0.59%)
TPLP 11.28 Increased By ▲ 0.33 (3.01%)
TRG 61.21 Increased By ▲ 0.31 (0.51%)
UNITY 25.33 Increased By ▲ 0.11 (0.44%)
WTL 1.50 Increased By ▲ 0.22 (17.19%)
BR100 7,630 Decreased By -8.3 (-0.11%)
BR30 24,990 Increased By 18.4 (0.07%)
KSE100 72,602 Decreased By -159.4 (-0.22%)
KSE30 23,539 Decreased By -86.6 (-0.37%)
Markets

CBOT wheat falls after hitting highest since 2015; corn, soy ease

  • Soybeans and corn also eased from recent peaks but losses were kept in check by strong export demand.
  • Chicago Board of Trade November soybean futures settled down 1 cent at $10.50 a bushel. Prices peaked at $10.69
Published October 9, 2020

CHICAGO: Chicago Board of Trade wheat futures dropped 1.9% on Thursday, falling from their highest in more than five years, as traders locked in profits ahead of a key US government report.

Soybeans and corn also eased from recent peaks but losses were kept in check by strong export demand.

Traders said investment funds were squaring positions ahead the US Agriculture Department's monthly World Agricultural Supply and Demand Estimates and Crop Production reports that will be released on Friday. Analysts expected the report would show a lower government forecast for US corn and soybean harvests.

A fresh round of export deals, which included sales to China and Mexico underpinned soybeans. Additionally, the US Agriculture Department said weekly soybean export sales totaled 2.591 million tonnes last week, the fifth straight week in which sales have topped 2 million tonnes.

"We had the great exports this morning," said Mark Gold, founder of Top Third Ag Marketing.

Chicago Board of Trade November soybean futures settled down 1 cent at $10.50 a bushel. Prices peaked at $10.69, the highest since March 8, 2018.

Deferred soybean contracts posted bigger losses on forecasts for a big crop in Brazil that should keep global stocks ample even amid strong export demand.

CBOT December corn dropped 1-3/4 cents to $3.87 after topping out at $3.94-1/2, the highest for the most-active contract since Oct. 18.

USDA said corn export sales for the week were 1.226 million tonnes, near the high end of market expectations.

CBOT December wheat was 12-1/4 cents lower at $5.95-1/4 a bushel. Wheat rallied 6.5% during the previous four sessions. The most-active contract hit its highest since June 30, 2015 overnight.

Comments

Comments are closed.