ANL 28.85 Increased By ▲ 0.50 (1.76%)
ASC 15.15 Increased By ▲ 0.01 (0.07%)
ASL 24.15 Increased By ▲ 0.50 (2.11%)
AVN 97.95 Increased By ▲ 2.35 (2.46%)
BOP 9.30 Increased By ▲ 0.10 (1.09%)
BYCO 10.35 Increased By ▲ 0.28 (2.78%)
DGKC 135.50 Increased By ▲ 3.00 (2.26%)
EPCL 49.98 Increased By ▲ 1.28 (2.63%)
FCCL 25.16 Increased By ▲ 0.61 (2.48%)
FFBL 25.22 Decreased By ▼ -0.41 (-1.6%)
FFL 16.04 Increased By ▲ 0.04 (0.25%)
HASCOL 11.07 Increased By ▲ 0.01 (0.09%)
HUBC 85.00 Increased By ▲ 0.80 (0.95%)
HUMNL 7.70 Increased By ▲ 0.43 (5.91%)
JSCL 25.75 Increased By ▲ 1.10 (4.46%)
KAPCO 37.45 Increased By ▲ 1.35 (3.74%)
KEL 4.17 Increased By ▲ 0.12 (2.96%)
LOTCHEM 15.13 Increased By ▲ 0.37 (2.51%)
MLCF 47.18 Increased By ▲ 1.18 (2.57%)
PAEL 39.40 Increased By ▲ 0.65 (1.68%)
PIBTL 12.04 Decreased By ▼ -0.01 (-0.08%)
POWER 10.65 Increased By ▲ 0.05 (0.47%)
PPL 91.00 Increased By ▲ 0.40 (0.44%)
PRL 26.69 Increased By ▲ 0.39 (1.48%)
PTC 9.05 Decreased By ▼ -0.09 (-0.98%)
SILK 1.45 Increased By ▲ 0.05 (3.57%)
SNGP 38.75 Decreased By ▼ -0.25 (-0.64%)
TRG 145.70 Increased By ▲ 6.95 (5.01%)
UNITY 32.90 Increased By ▲ 0.75 (2.33%)
WTL 1.61 Increased By ▲ 0.05 (3.21%)
BR100 4,959 Increased By ▲ 85.49 (1.75%)
BR30 25,734 Increased By ▲ 497.97 (1.97%)
KSE100 45,966 Increased By ▲ 603.04 (1.33%)
KSE30 19,199 Increased By ▲ 314.87 (1.67%)
Markets

Wheat eases after rally; near 3-week high on cold weather worries

  • Still, showers on Argentina's Pampas grains belt in recent weeks have helped make up for the dryness that parched soybean and corn crops from the middle of last year, weather experts said on Monday.
23 Feb 2021

SINGAPORE: Chicago wheat futures slid on Tuesday, giving up some of last session's strong gains although the market is trading near its highest since late January on concerns over cold weather threatening the US crop.

Soybeans rose for a third consecutive session, while corn gained more ground.

Condition ratings for winter wheat declined during February in Kansas, the top US winter wheat producer, but monthly ratings were mixed in other Plains states, the US Department of Agriculture (USDA) said on Monday.

"The USDA reported that US winter wheat crop conditions deteriorated a shade," said Tobin Gorey, director of agricultural strategy at the Commonwealth bank of Australia.

"The fall was not large but the reminder that these crops are not in great condition was nonetheless supportive."

The most-active wheat contract on the Chicago Board Of Trade (CBOT) lost 0.3% to $6.68 a bushel by 0312 GMT, having ended up 2.2% on Monday.

Soybeans added 0.7% to $13.97 a bushel, having firmed 0.5% on Monday and corn gained 0.9% at $5.55-1/4 a bushel, having gained 1.5% in the previous session.

Slow pace of harvest in top exporter Brazil is underpinning soybean prices.

Consultancy AgRural said farmers in Brazil had harvested just 15% of their soybeans as of last Thursday, the slowest in 10 years.

Still, showers on Argentina's Pampas grains belt in recent weeks have helped make up for the dryness that parched soybean and corn crops from the middle of last year, weather experts said on Monday.

The negative impact from cold snaps in January and February is expected to be limited because most of the affected areas were protected by snow cover, the European Union's crop monitoring service MARS said on Monday.

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