AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,941 Increased By 63.6 (0.92%)
BR30 22,802 Increased By 233 (1.03%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Soybeans rise for fourth session on South American supply woes

  • But ratings improved in Oklahoma, with 53% of the state's crop rated good to excellent, up from 46% the previous week.
Published March 9, 2021

SINGAPORE: Chicago soybean futures rose on Tuesday for a fourth consecutive session as a widely watched US report is expected to reduce forecast for world supplies amid adverse South American weather.

Wheat was little changed after Monday's fall on improved US weather, while corn slid after two straight sessions of gains.

"The USDA (US Department of Agriculture) report is likely to be bullish for soybeans," said one Singapore-based grains trader. "Harvest-time rains in Brazil have not only hit supplies but also the quality of beans."

The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.5% to $14.41-1/4 a bushel by 0320 GMT, having firmed 0.3% on Monday when prices hit a June 2014 high of $14.60 a bushel.

Corn futures lost 0.5% to $5.44-1/2 a bushel and wheat was unmoved at $6.46-1/2 a bushel.

Analysts expect the USDA will lower on Tuesday its estimates for 2020/21 ending stocks for soybeans and corn.

Brazilian farmers had harvested an estimated 35% of the planted soybean area through last Thursday, down from 49% a year earlier and the slowest pace in a decade, agribusiness consultancy AgRural said.

The quality of the crops is also being affected by damp conditions.

Wheat prices are under pressure on forecasts for showers in the southern Plains and Midwest.

The USDA rated 36% of the winter wheat in Kansas, the top US producer, in good to excellent condition, down from 37% a week earlier.

But ratings improved in Oklahoma, with 53% of the state's crop rated good to excellent, up from 46% the previous week.

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

Comments

Comments are closed.