AGL 5.95 Decreased By ▼ -0.13 (-2.14%)
ANL 9.26 Decreased By ▼ -0.14 (-1.49%)
AVN 80.82 Decreased By ▼ -0.64 (-0.79%)
BOP 5.20 Decreased By ▼ -0.07 (-1.33%)
CNERGY 4.86 Decreased By ▼ -0.04 (-0.82%)
EFERT 81.82 Increased By ▲ 0.27 (0.33%)
EPCL 53.94 Decreased By ▼ -0.06 (-0.11%)
FCCL 14.29 Decreased By ▼ -0.11 (-0.76%)
FFL 5.93 Decreased By ▼ -0.12 (-1.98%)
FLYNG 7.44 Decreased By ▼ -0.12 (-1.59%)
FNEL 4.95 Decreased By ▼ -0.05 (-1%)
GGGL 9.18 Decreased By ▼ -0.14 (-1.5%)
GGL 16.51 Decreased By ▼ -0.19 (-1.14%)
HUMNL 6.14 Increased By ▲ 0.45 (7.91%)
KEL 2.77 Decreased By ▼ -0.02 (-0.72%)
LOTCHEM 30.81 Increased By ▲ 0.26 (0.85%)
MLCF 27.45 Decreased By ▼ -0.34 (-1.22%)
OGDC 74.27 Increased By ▲ 0.27 (0.36%)
PAEL 15.98 Decreased By ▼ -0.21 (-1.3%)
PIBTL 5.21 Decreased By ▼ -0.02 (-0.38%)
PRL 17.01 Decreased By ▼ -0.28 (-1.62%)
SILK 1.10 Increased By ▲ 0.01 (0.92%)
TELE 10.00 Decreased By ▼ -0.04 (-0.4%)
TPL 7.65 Decreased By ▼ -0.05 (-0.65%)
TPLP 19.41 Decreased By ▼ -0.36 (-1.82%)
TREET 22.72 Decreased By ▼ -0.47 (-2.03%)
TRG 146.80 Decreased By ▼ -0.55 (-0.37%)
UNITY 17.09 Decreased By ▼ -0.10 (-0.58%)
WAVES 10.33 Decreased By ▼ -0.05 (-0.48%)
WTL 1.42 Decreased By ▼ -0.04 (-2.74%)
BR100 4,330 Increased By 3.4 (0.08%)
BR30 16,296 Increased By 46.9 (0.29%)
KSE100 42,904 Increased By 23.3 (0.05%)
KSE30 15,805 Decreased By -4.6 (-0.03%)
Markets

Soybeans surge near 9-year high on tightening supplies

  • Soybeans up ahead of US report.
  • Corn near highest since 2013; wheat flat.
Published May 12, 2021
Follow us

SINGAPORE/PARIS: Chicago soybeans climbed more than 1.5% on Wednesday to their highest in nearly nine years, as shrinking global feed grain supplies and positioning ahead of a key US supply-demand report due later in the day underpinned prices.

Wheat was flat while corn futures rose slightly, gaining for a second straight session.

"The bullish trend remains in place and tightening global supplies are in focus ahead of the USDA (US Department of Agriculture) report," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"No one wants to be caught short before the USDA report."

The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 1.6% to $16.40-1/2 a bushel, as of 1030 GMT, after hitting its highest since September 2012 at $16.53-1/4 a bushel in the session.

Wheat was unchanged at $7.41-3/4 a bushel and corn added 0.2% to $7.23-3/4 a bushel, not far from an eight-year high of $7.35-1/4 hit on Friday.

Tightening corn supplies should affect competing feedstuffs as well, including soybean meal.

Traders await Wednesday's World Agricultural Supply and Demand Estimates (WASDE) report, in which the USDA will give its first global outlook for 2021/22 and update its 2020/21 estimates.

Analysts surveyed by Reuters on average expected the USDA to lower its estimate of Brazil's 2020/21 corn production to 103.5 million tonnes, from 109 million tonnes in April. Others fear the figure ultimately could fall below 100 million tonnes, curbing exportable supplies.

"The prospect of lower production volumes in Brazil is driving the market, supporting prices for the current crop as well as the new season," French consultancy Agritel said.

Brazilian agribusiness consultancy AgRural on Monday cut its production estimate for Brazil's second corn crop in the Center South region due to a prolonged drought that worsened in the first week of May.

Farmers there are now expected to reap 65.1 million tonnes of second corn, down from 73 million tonnes estimated on April 19, according to a statement.

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

Comments

Comments are closed.

Soybeans surge near 9-year high on tightening supplies

Won't hesitate for a minute if asked to dissolve Punjab Assembly: Elahi

FIA again arrests Senator Azam Swati over controversial tweets

'Blatant lies': ISPR rejects claims about COAS Bajwa and his family's assets

PM urges Pak-Turkiye joint research, pooling of resources to face emerging threats

Govt plans to deregulate POL products’ market by 2027

FO shows concerns on reports over BJP leadership’s involvement in 2002 Gujarat riots

England cricketers land in Pakistan for first Test series in 17 years

Death toll from Indonesia quake rises to 321, official says

Polling ends, vote-count underway in AJK local govt polls

Qatar's migrant workers enjoy World Cup on the cheap