ANL 31.60 Increased By ▲ 0.25 (0.8%)
ASC 20.90 No Change ▼ 0.00 (0%)
ASL 23.98 Increased By ▲ 0.08 (0.33%)
BOP 8.41 No Change ▼ 0.00 (0%)
BYCO 10.13 Increased By ▲ 0.09 (0.9%)
FCCL 22.31 Increased By ▲ 0.11 (0.5%)
FFBL 27.40 Decreased By ▼ -0.04 (-0.15%)
FFL 20.70 Decreased By ▼ -0.09 (-0.43%)
FNEL 8.89 Increased By ▲ 0.04 (0.45%)
GGGL 27.79 Increased By ▲ 0.34 (1.24%)
GGL 47.40 Increased By ▲ 0.30 (0.64%)
HUMNL 7.39 Decreased By ▼ -0.01 (-0.14%)
JSCL 22.60 Increased By ▲ 0.10 (0.44%)
KAPCO 39.55 Decreased By ▼ -0.25 (-0.63%)
KEL 3.93 Increased By ▲ 0.01 (0.26%)
MDTL 3.72 Decreased By ▼ -0.01 (-0.27%)
MLCF 44.50 Increased By ▲ 0.23 (0.52%)
NETSOL 166.99 Increased By ▲ 1.04 (0.63%)
PACE 7.75 Increased By ▲ 0.08 (1.04%)
PAEL 34.10 Increased By ▲ 0.09 (0.26%)
PIBTL 11.28 Increased By ▲ 0.03 (0.27%)
POWER 9.25 Increased By ▲ 0.05 (0.54%)
PRL 23.88 Increased By ▲ 0.08 (0.34%)
PTC 11.85 Increased By ▲ 0.12 (1.02%)
SILK 1.83 Increased By ▲ 0.01 (0.55%)
SNGP 51.05 Increased By ▲ 1.45 (2.92%)
TELE 15.12 Increased By ▲ 0.06 (0.4%)
TRG 167.20 Increased By ▲ 1.00 (0.6%)
UNITY 42.65 Decreased By ▼ -0.32 (-0.74%)
WTL 3.72 Decreased By ▼ -0.02 (-0.53%)
BR100 5,179 Increased By ▲ 11.67 (0.23%)
BR30 26,605 Increased By ▲ 116.55 (0.44%)
KSE100 47,767 Increased By ▲ 80.05 (0.17%)
KSE30 19,151 Increased By ▲ 21.23 (0.11%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,133
4424hr
Pakistan Cases
1,015,827
4,11924hr
7.88% positivity
Sindh
371,762
Punjab
354,312
Balochistan
29,861
Islamabad
86,226
KPK
142,400

• Traders adjust position before US holiday weekend

CHICAGO: Chicago Board of Trade corn futures retreated on profit-taking on Friday, while soyabean futures extended gains fuelled by lower-than-expected US acreage estimates and dry weather in part of the Midwest, traders said.

Corn pulled back after surging by the daily, exchange-imposed limit on Wednesday when the US Department of Agriculture shocked traders by estimating that farmers planted fewer acres than expected.

Uncertainty about demand added pressure to prices as a federal appeals court struck down a US rule put in place under former President Donald Trump to expand sales of corn-based ethanol.

It was another disappointment for the biofuels industry after the US Supreme Court last Friday made it easier for small oil refineries to win exemptions from a law requiring increasing levels of ethanol to be blended into their products.

“That’s definitely a second hit,” said Rich Nelson, chief strategist for commodities brokerage Allendale.

Concerns about the potential for lower-than-expect corn imports from China also crept into the market, brokers said.

The most-active corn contract ended down 9-1/4 cents at $5.79-3/4 a bushel but was up nearly 12% for the week. Soyabeans settled 3-1/2 cents higher at $13.99, up 10% for the week and matching Wednesday’s closing price. Wheat fell 12-3/4 cents to $6.52-3/4 and finished up 2% for the week.

Traders adjusted positions before the weekend because CBOT markets will be closed on Monday for the Independence Day holiday in the United States.

Next week, analysts said they will keep a close eye on US crop weather as dryness is threatening soyabean and spring wheat crops in places like North and South Dakota. A midday forecast on Friday added in beneficial rain for parts of Iowa, the top corn-growing state, Nelson said.

The risk of frost damage to Brazil’s second corn crop, already hurt by drought, helped fanned corn supply fears this week.