AGL 5.27 Decreased By ▼ -0.23 (-4.18%)
ANL 8.45 Decreased By ▼ -0.04 (-0.47%)
AVN 75.82 Increased By ▲ 0.02 (0.03%)
BOP 5.15 Decreased By ▼ -0.09 (-1.72%)
CNERGY 4.41 Decreased By ▼ -0.01 (-0.23%)
EFERT 81.30 Decreased By ▼ -0.33 (-0.4%)
EPCL 49.29 Decreased By ▼ -0.41 (-0.82%)
FCCL 12.40 Decreased By ▼ -0.39 (-3.05%)
FFL 5.51 Increased By ▲ 0.01 (0.18%)
FLYNG 6.82 Increased By ▲ 0.09 (1.34%)
FNEL 4.68 Decreased By ▼ -0.02 (-0.43%)
GGGL 9.27 Increased By ▲ 0.85 (10.1%)
GGL 14.88 Increased By ▲ 0.93 (6.67%)
HUMNL 6.18 Increased By ▲ 0.10 (1.64%)
KEL 2.57 Increased By ▲ 0.01 (0.39%)
LOTCHEM 27.73 Increased By ▲ 0.08 (0.29%)
MLCF 23.57 Decreased By ▼ -0.22 (-0.92%)
OGDC 71.91 Increased By ▲ 0.81 (1.14%)
PAEL 15.13 Increased By ▲ 0.10 (0.67%)
PIBTL 4.83 Decreased By ▼ -0.07 (-1.43%)
PRL 15.66 Decreased By ▼ -0.32 (-2%)
SILK 1.07 Decreased By ▼ -0.03 (-2.73%)
TELE 8.85 Increased By ▲ 0.03 (0.34%)
TPL 7.34 Increased By ▲ 0.26 (3.67%)
TPLP 19.49 Increased By ▲ 0.23 (1.19%)
TREET 21.08 Increased By ▲ 0.23 (1.1%)
TRG 137.25 Increased By ▲ 0.65 (0.48%)
UNITY 16.30 Decreased By ▼ -0.25 (-1.51%)
WAVES 9.35 Increased By ▲ 0.10 (1.08%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 4,164 Increased By 6.3 (0.15%)
BR30 15,350 Increased By 10.3 (0.07%)
KSE100 41,698 Increased By 46.7 (0.11%)
KSE30 15,402 Increased By 22.3 (0.15%)
Follow us

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.

US MIDDAY: Corn, soya surge

Supreme Court declares new Reko Diq mine deal legal

Rupee depreciation continues, settles at 224.4 against US dollar

BHC orders to quash all FIRs registered against PTI's Azam Swati

At $561.16bn, India's forex reserves rise for 4th week, hit over 3-month high

Pakistan Refinery says will shut down for 'approximately 20 days'

Oil set for 10% weekly drop as demand worries dominate

Gas production at desired delivery pressure: Mari signs agreement with fertiliser companies

Abrar claims seven on debut, Babar leads Pakistan’s reply in Multan

China’s Xi meets Arab leaders on ‘milestone’ Saudi trip

Electricity bills: PD says doesn’t want to manage tax, surcharge collection