AGL 22.94 Increased By ▲ 0.91 (4.13%)
AIRLINK 111.29 Increased By ▲ 6.49 (6.19%)
BOP 5.25 Increased By ▲ 0.03 (0.57%)
CNERGY 3.72 Decreased By ▼ -0.01 (-0.27%)
DCL 7.99 Increased By ▲ 0.29 (3.77%)
DFML 40.27 Increased By ▲ 3.87 (10.63%)
DGKC 88.00 Increased By ▲ 0.95 (1.09%)
FCCL 21.99 Increased By ▲ 0.01 (0.05%)
FFBL 42.20 Increased By ▲ 1.24 (3.03%)
FFL 8.55 Decreased By ▼ -0.10 (-1.16%)
HUBC 153.29 Increased By ▲ 3.04 (2.02%)
HUMNL 10.45 Increased By ▲ 0.14 (1.36%)
KEL 4.50 Increased By ▲ 0.05 (1.12%)
KOSM 3.85 Increased By ▲ 0.06 (1.58%)
MLCF 36.80 Decreased By ▼ -0.10 (-0.27%)
NBP 47.99 Increased By ▲ 0.06 (0.13%)
OGDC 131.80 Increased By ▲ 2.10 (1.62%)
PAEL 26.15 Decreased By ▼ -0.34 (-1.28%)
PIBTL 6.03 Increased By ▲ 0.05 (0.84%)
PPL 115.50 Increased By ▲ 1.16 (1.01%)
PRL 22.60 No Change ▼ 0.00 (0%)
PTC 12.58 Increased By ▲ 0.06 (0.48%)
SEARL 55.69 Increased By ▲ 1.49 (2.75%)
TELE 7.20 Increased By ▲ 0.10 (1.41%)
TOMCL 37.00 Increased By ▲ 1.10 (3.06%)
TPLP 7.85 Decreased By ▼ -0.30 (-3.68%)
TREET 15.30 Decreased By ▼ -0.20 (-1.29%)
TRG 54.55 Increased By ▲ 0.54 (1%)
UNITY 31.86 Decreased By ▼ -0.14 (-0.44%)
WTL 1.17 Decreased By ▼ -0.02 (-1.68%)
BR100 8,343 Increased By 52.7 (0.64%)
BR30 26,335 Increased By 323.4 (1.24%)
KSE100 78,987 Increased By 447.9 (0.57%)
KSE30 25,365 Increased By 156.8 (0.62%)
Markets

Soybeans drop to one-week low, corn down for third session

  • However, the USDA raised its forecast of global ending stocks of both corn and soybeans, bucking trade expectations for a reduction.
Published March 11, 2021

SINGAPORE: Chicago soybean futures dropped on Thursday to their lowest in more than a week after a US government report earlier this week failed to add bullish momentum to prices already hovering near multi-year highs.

Corn slid for a third consecutive session while wheat ticked higher after Wednesday's drop.

Expectations of an improvement in North American weather weighed on the markets.

"Evidence has been accumulating that the current La Nina is now dissipating faster," said Tobin Gorey of the Commonwealth Bank of Australia. "That makes a dry planting window in North America considerably less likely."

The most-active soybean contract on the Chicago Board Of Trade (CBOT) lost 0.5% to $14.03 a bushel by 0320 GMT, near the session low of $14.00-3/4 a bushel - the weakest since March 3.

Corn was down 0.1% at $5.33-1/4 a bushel, having closed down 2.1% in the previous session, and wheat climbed 0.2% to $6.53-3/4 a bushel, having closed down 0.6% on Wednesday.

Argentina's Rosario Grains Exchange on Wednesday cut its estimate of the country's 2020/21 soybean harvest to 45 million tonnes from 49 million tonnes previously, citing dry weather.

The US Department of Agriculture (USDA) on Tuesday trimmed its Argentine soy crop estimate to 47.5 million tonnes from 48 million tonnes last month, but it raised its estimate of Brazil's soy harvest to 134 million tonnes from 133 million tonnes.

However, the USDA raised its forecast of global ending stocks of both corn and soybeans, bucking trade expectations for a reduction.

FranceAgriMer raised its monthly forecast of soft wheat stocks for the end of the 2020/21 season by more than 100,000 tonnes to 2.7 million tonnes on Wednesday.

Commodity funds were net sellers of Chicago Board of Trade corn, soybean, soymeal, wheat and soyoil futures contracts on Wednesday, traders said.

Comments

Comments are closed.