AGL 5.27 Decreased By ▼ -0.13 (-2.41%)
ANL 8.75 Decreased By ▼ -0.04 (-0.46%)
AVN 76.62 Increased By ▲ 0.37 (0.49%)
BOP 5.22 Increased By ▲ 0.03 (0.58%)
CNERGY 4.44 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.32 Increased By ▲ 0.22 (0.27%)
EPCL 49.39 Increased By ▲ 0.38 (0.78%)
FCCL 12.80 Increased By ▲ 0.10 (0.79%)
FFL 5.59 Decreased By ▼ -0.03 (-0.53%)
FLYNG 6.90 Decreased By ▼ -0.03 (-0.43%)
FNEL 4.67 Increased By ▲ 0.02 (0.43%)
GGGL 8.64 Increased By ▲ 0.04 (0.47%)
GGL 14.21 Increased By ▲ 0.06 (0.42%)
HUMNL 5.54 Increased By ▲ 0.05 (0.91%)
KEL 2.63 Increased By ▲ 0.04 (1.54%)
LOTCHEM 28.04 Increased By ▲ 0.33 (1.19%)
MLCF 24.05 Increased By ▲ 0.45 (1.91%)
OGDC 71.13 Decreased By ▼ -0.44 (-0.61%)
PAEL 15.34 Increased By ▲ 0.14 (0.92%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 16.08 Increased By ▲ 0.25 (1.58%)
SILK 1.13 Increased By ▲ 0.08 (7.62%)
TELE 9.07 Increased By ▲ 0.08 (0.89%)
TPL 7.09 Decreased By ▼ -0.07 (-0.98%)
TPLP 19.09 Decreased By ▼ -0.09 (-0.47%)
TREET 21.20 Increased By ▲ 0.06 (0.28%)
TRG 139.80 Increased By ▲ 3.30 (2.42%)
UNITY 16.77 Increased By ▲ 0.01 (0.06%)
WAVES 9.41 Increased By ▲ 0.26 (2.84%)
WTL 1.36 Decreased By ▼ -0.02 (-1.45%)
BR100 4,186 Increased By 30.5 (0.73%)
BR30 15,467 Increased By 131.3 (0.86%)
KSE100 41,819 Increased By 279.4 (0.67%)
KSE30 15,448 Increased By 82.9 (0.54%)
Markets

Soybeans drop to one-week low, wheat extends fall

  • Soybeans down after USDA report fails to add bullish momentum.
  • Wheat extends fall on ample supply, improved US weather.
Published March 11, 2021
Follow us

PARIS: Chicago soybean futures edged lower in hesitant trade on Thursday after a US government report earlier this week failed to add bullish momentum to prices already hovering near multi-year highs.

Wheat fell on ample global supply and improving US weather in the Midwest, extending Wednesday's drop, while corn ticked higher after falling for two sessions.

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."

Operators were also waiting for the weekly of US grains and soy export sales due to be released later in the day.

The most-active soybean contract on the Chicago Board Of Trade (CBOT) was down 0.1% to $14.08-1/2 a bushel at 1230 GMT, after touching a session low of $14.00-3/4 a bushel - the weakest since March 3.

Corn was up 0.4% at $5.36 a bushel, having closed down 2.1% in the previous session, and wheat fell 0.9% to $6.46-1/2 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, citing dry weather.

The US Department of Agriculture (USDA) on Tuesday raised its forecast for 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.

Soybeans drop to one-week low, wheat extends fall

Fiscal, monetary steps discussed

Dar meets Alvi to blunt IK’s assembly dissolution threat

Elections to take place ahead of Ramazan: Qureshi

Soybean consignments: FTO takes suo motu notice

US warns of Chinese influence in ME

Telenor may consider closing operations

Nepra not happy over ‘tactics’ aimed at blocking CTBCM

Textile value chain: APTMA demands restoration of ‘zero rating’

Business confidence negative: OICCI survey

Housing sector: SHE announces investing $50m in 3 years