ANL 31.35 Decreased By ▼ -0.20 (-0.63%)
ASC 20.90 Increased By ▲ 0.10 (0.48%)
ASL 23.90 Decreased By ▼ -0.10 (-0.42%)
BOP 8.41 Increased By ▲ 0.24 (2.94%)
BYCO 10.04 Decreased By ▼ -0.20 (-1.95%)
FCCL 22.20 Decreased By ▼ -0.40 (-1.77%)
FFBL 27.44 Increased By ▲ 0.24 (0.88%)
FFL 20.79 Decreased By ▼ -0.41 (-1.93%)
FNEL 8.85 Decreased By ▼ -0.33 (-3.59%)
GGGL 27.45 Decreased By ▼ -0.58 (-2.07%)
GGL 47.10 Increased By ▲ 0.35 (0.75%)
HUMNL 7.40 Decreased By ▼ -0.15 (-1.99%)
JSCL 22.50 Decreased By ▼ -0.43 (-1.88%)
KAPCO 39.80 Decreased By ▼ -0.30 (-0.75%)
KEL 3.92 Decreased By ▼ -0.02 (-0.51%)
MDTL 3.73 Decreased By ▼ -0.08 (-2.1%)
MLCF 44.27 Decreased By ▼ -0.83 (-1.84%)
NETSOL 165.95 Decreased By ▼ -1.40 (-0.84%)
PACE 7.67 Decreased By ▼ -0.36 (-4.48%)
PAEL 34.01 Decreased By ▼ -0.86 (-2.47%)
PIBTL 11.25 Decreased By ▼ -0.10 (-0.88%)
POWER 9.20 Decreased By ▼ -0.15 (-1.6%)
PRL 23.80 Decreased By ▼ -0.33 (-1.37%)
PTC 11.73 Decreased By ▼ -0.02 (-0.17%)
SILK 1.82 Decreased By ▼ -0.01 (-0.55%)
SNGP 49.60 Decreased By ▼ -1.58 (-3.09%)
TELE 15.06 Decreased By ▼ -0.51 (-3.28%)
TRG 166.20 Decreased By ▼ -1.86 (-1.11%)
UNITY 42.97 Decreased By ▼ -0.87 (-1.98%)
WTL 3.74 Decreased By ▼ -0.08 (-2.09%)
BR100 5,167 Decreased By ▼ -9.46 (-0.18%)
BR30 26,489 Decreased By ▼ -221.93 (-0.83%)
KSE100 47,687 Increased By ▲ 14.31 (0.03%)
KSE30 19,130 Increased By ▲ 22.74 (0.12%)

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
Markets

Wheat snaps 6-session winning streak; corn, soybeans also down

  • Wheat drops after climbing to 2-month high earlier this week
  • Corn futures also drop 2.4%, soybeans fall after recent gains
22 Jul 2021

SINGAPORE/PARIS: Chicago wheat futures retreated more than 2% on Thursday after six straight sessions of gains, although losses were limited by concerns over dry weather curbing yields in top exporters Russia and the United States.

Corn and soybeans also slid.

"The weather situation is not good, it has been really hot and dry in the United States," said Phin Ziebell, an agribusiness economist at National Australia Bank in Melbourne.

"But for now, we feel the supply situation has been factored into the market."

The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 2.4% to $6.93-1/2 a bushel, as of 1120 GMT. It scaled a two-month peak on Tuesday after official data underscored poor conditions for drought-hit US spring wheat.

"In view of the continuous rise observed and the levels reached, an easing movement has been observed since this morning," French consultancy Agritel said in a note.

Wheat extends fall, corn rises ahead of USDA report

Corn lost 2.4% to $5.55 a bushel and soybeans gave up 1.7% to $13.66-1/4 a bushel.

The wheat market is being underpinned by crop concerns in North America and the Black Sea region.

Russia's agriculture ministry said yields from the harvest of the country's wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes per hectare a year earlier.

Operators will watch the release later in the day of weekly export sales data.

Commodity funds were net buyers of CBOT corn, wheat and soymeal contracts on Wednesday, traders said. They were net sellers of soyoil and even in soybeans.