AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.46 Decreased By ▼ -0.11 (-1.97%)
CNERGY 4.50 Decreased By ▼ -0.06 (-1.32%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 69.85 Decreased By ▼ -0.11 (-0.16%)
FCCL 20.02 Decreased By ▼ -0.28 (-1.38%)
FFBL 30.69 Increased By ▲ 1.58 (5.43%)
FFL 9.75 Decreased By ▼ -0.08 (-0.81%)
GGL 10.12 Increased By ▲ 0.11 (1.1%)
HBL 114.90 Increased By ▲ 0.65 (0.57%)
HUBC 132.10 Increased By ▲ 3.00 (2.32%)
HUMNL 6.73 Increased By ▲ 0.02 (0.3%)
KEL 4.44 No Change ▼ 0.00 (0%)
KOSM 4.93 Increased By ▲ 0.04 (0.82%)
MLCF 36.45 Decreased By ▼ -0.55 (-1.49%)
OGDC 133.90 Increased By ▲ 1.60 (1.21%)
PAEL 22.50 Decreased By ▼ -0.04 (-0.18%)
PIAA 25.39 Decreased By ▼ -0.50 (-1.93%)
PIBTL 6.61 Increased By ▲ 0.01 (0.15%)
PPL 113.20 Increased By ▲ 0.35 (0.31%)
PRL 30.12 Increased By ▲ 0.71 (2.41%)
PTC 14.70 Decreased By ▼ -0.54 (-3.54%)
SEARL 57.55 Increased By ▲ 0.52 (0.91%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.99 Increased By ▲ 0.01 (0.09%)
TELE 8.77 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.51 Decreased By ▼ -0.19 (-1.62%)
TRG 68.61 Decreased By ▼ -0.01 (-0.01%)
UNITY 23.47 Increased By ▲ 0.07 (0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,394 Increased By 99.2 (1.36%)
BR30 24,121 Increased By 266.7 (1.12%)
KSE100 70,910 Increased By 619.8 (0.88%)
KSE30 23,377 Increased By 205.6 (0.89%)

CHICAGO: US wheat futures climbed to 8-1/2-year highs on Friday and European wheat futures extended gains, led by fresh contract highs in Paris, after steep cuts to world stockpiles in a US government report fuelled supply worries, analysts said.

Soybean futures rose on fears of tightening global vegetable oil supplies, but corn futures ended mostly lower.

Chicago Board of Trade September wheat settled up 8-3/4 cents at $7.62-1/4 per bushel, after reaching $7.74-3/4, the highest price on a continuous chart of the most-active CBOT wheat contract since February 2013.

MGEX September spring wheat touched $9.53 a bushel, the highest spot price since November 2012.

CBOT November soybeans settled up 24 cents at $13.65 a bushel, while benchmark December soyoil rose 1.70 cents, or 2.76%, to 63.28 cents per pound. December corn ended down 1/4 cent at $5.73 a bushel.

Wheat extended advances a day after the US Department of Agriculture slashed its forecast of global 2021-22 wheat production and ending stocks, citing poor weather in Russia, Canada and the United States.

Adverse weather has also cut crop prospects in the European Union, contributing to a potentially "explosive" global supply outlook, analyst firm Strategie Grains said on Thursday.

"There are a lot of worries about the French wheat harvest maybe pushing back barley shipments and wheat shipments, so we've got Paris wheat probably leading the US markets higher," said Terry Reilly, senior analyst with Futures International in Chicago.

Soybeans drew support from a pick-up in US export sales as well as rising prices for vegetable oils including Malaysian palm oil and Canadian canola.

"People are starting to think that maybe the US won't get as many canola oil imports as expected ... The global vegetable oil market dictates that things might get a little tighter going forward," Reilly said. CBOT corn pared gains and turned choppy on profit-taking at week's end. The market was underpinned by supply worries after the USDA on Thursday cut its estimate of US corn production more than most analysts expected. However, some analyst said that acreage data released late Thursday by the USDA's Farm Service Agency USDA implied that the USDA eventually might raise its official estimate of US corn plantings.

Comments

Comments are closed.