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 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

CHICAGO: Chicago Board of Trade grain and soyabean futures surged on Wednesday after the US Department of Agriculture surprised traders with lower-than-expected plantings estimates and inventory data.

Corn futures temporarily climbed by their daily exchange-imposed limit after the USDA pegged plantings of the crop at 92.692 million acres, below analysts’ expectations for 93.787 million acres. The agency said soyabean plantings were 87.555 million, compared to analysts’ expectations for 88.955 million.

The US estimates fuelled global supply concerns as inventories are slim and growing areas in North and South America are grappling with unfavourable weather.

“We needed higher acres to give us a buffer and it went the wrong way,” said Don Roose, president of Iowa-based brokerage US Commodities.

The most-active corn futures contract on the Chicago Board of Trade (CBOT) was up 35-1/2 cents at $5.84 a bushel by noon CDT (1700 GMT) after briefly rising the 40-cent daily limit.

Soyabean futures were up 77 cents at $13.90 a bushel, while wheat jumped 23-3/4 cents to $6.70 a bushel.

The gains were a turnaround from losses across the markets before the USDA released its plantings and stocks data at 11 a.m. CDT.

In its quarterly stocks report, the USDA said domestic corn supplies on June 1 stood at 4.122 billion bushels, the lowest for that date since 2014. Soyabean stocks came in at a six-year low of 767 million and wheat stocks were 844 million, also the lowest in six years.

Analysts had predicted corn stocks of 4.144 billion, soyabean stocks of 787 million and wheat stocks of 859 million.

For soyabean stocks, the United States is “already on the ventilator at 20 million bushels less than we thought,” Roose said.

Comments

Comments are closed.