ANL 34.52 Increased By ▲ 0.67 (1.98%)
ASC 15.16 Increased By ▲ 0.26 (1.74%)
ASL 24.83 Increased By ▲ 0.32 (1.31%)
AVN 95.00 Increased By ▲ 3.86 (4.24%)
BOP 7.87 Decreased By ▼ -0.07 (-0.88%)
BYCO 10.31 Increased By ▲ 0.53 (5.42%)
DGKC 126.60 Increased By ▲ 1.85 (1.48%)
EPCL 57.16 Increased By ▲ 1.91 (3.46%)
FCCL 24.50 Increased By ▲ 0.09 (0.37%)
FFBL 27.96 Increased By ▲ 0.01 (0.04%)
FFL 16.04 Increased By ▲ 1.14 (7.65%)
HASCOL 10.02 Increased By ▲ 0.28 (2.87%)
HUBC 80.00 Increased By ▲ 0.83 (1.05%)
HUMNL 6.45 Increased By ▲ 0.21 (3.37%)
JSCL 20.41 Increased By ▲ 0.50 (2.51%)
KAPCO 40.94 Increased By ▲ 0.69 (1.71%)
KEL 3.87 Increased By ▲ 0.02 (0.52%)
LOTCHEM 17.24 Increased By ▲ 0.54 (3.23%)
MLCF 46.91 Increased By ▲ 1.17 (2.56%)
PAEL 36.17 Increased By ▲ 2.69 (8.03%)
PIBTL 10.49 Increased By ▲ 0.19 (1.84%)
POWER 9.35 Increased By ▲ 0.15 (1.63%)
PPL 85.74 Increased By ▲ 0.16 (0.19%)
PRL 25.71 Increased By ▲ 1.21 (4.94%)
PTC 9.45 No Change ▼ 0.00 (0%)
SILK 1.17 Decreased By ▼ -0.09 (-7.14%)
SNGP 39.36 Increased By ▲ 0.10 (0.25%)
TRG 159.61 Increased By ▲ 11.13 (7.5%)
UNITY 30.75 Increased By ▲ 1.12 (3.78%)
WTL 1.43 Increased By ▲ 0.23 (19.17%)
BR100 4,852 Increased By ▲ 65.72 (1.37%)
BR30 25,671 Increased By ▲ 690.82 (2.77%)
KSE100 45,186 Increased By ▲ 445.12 (0.99%)
KSE30 18,485 Increased By ▲ 152.7 (0.83%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,329
10024hr
Pakistan Cases
715,968
513924hr
Sindh
268,284
Punjab
245,923
Balochistan
20,178
Islamabad
64,902
KPK
97,318
Markets

Soybeans, corn edge higher as crop weather assessed

  • Near-term tightness in world supply underpins soy, corn prices.
  • Traders weigh weather for US planting, Brazil corn crop.
  • Market eyes USDA supply-demand report after acreage surprise.
07 Apr 2021

PARIS/SINGAPORE: Chicago soybean and corn futures edged higher on Wednesday as traders assessed weather prospects for US and South American crops while awaiting a government report for a further indication on tight global supplies.

Wheat was steady with support from corn.

Lower than expected estimates of US soy and corn planting in a March 31 government report, coupled with delays to soybean harvesting and corn planting in Brazil, have kept prices underpinned.

"Soybeans are getting strength after the USDA (US Department of Agriculture) showed plantings this year below expectations," said Phin Ziebell, agribusiness economist at National Australia Bank.

"Going forward, prices will get direction from the US weather as growing season gets underway, but as of now we don't see any major issues."

Price movements were limited as investors turned their attention from last week's USDA planting report, which helped push corn futures to their highest since 2013, to the USDA's monthly supply-and-demand outlook on Friday.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at $14.21-1/4 a bushel by 1051 GMT.

Brazil in on track for a record soybean crop this year, although harvesting and shipments have been delayed by rains.

For corn, Brazil's second-crop yields will fall by an estimated 3.6% this year, as most growers were forced to plant outside the ideal climate window after the delays in the soy harvest, Agroconsult said.

Corn crops are also now facing dry conditions in parts of Brazil, adding to uncertainty about current forecasts for a bumper harvest.

"As China continues to import (...) there is very little room for a climatic incident in Brazil," consultancy Agritel said, referring to corn.

"There is all the more uncertainty as the planting period starts in the northern hemisphere."

CBOT corn added 0.5% to $5.56-3/4 a bushel, while wheat was unchanged on the day at $6.15-1/2 bushel.

Strength in corn has helped Chicago wheat consolidate above a 2021 low struck last week.

The return of some importers to buying has lent some support to wheat, although Tuesday's tender by Egypt showed strong competition from new-crop Russian wheat despite the country's export tax.