AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.47 Decreased By ▼ -0.10 (-1.8%)
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 57.56 Increased By ▲ 0.53 (0.93%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.95 Decreased By ▼ -0.03 (-0.27%)
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 7,395 Increased By 99.7 (1.37%)
BR30 24,109 Increased By 254.7 (1.07%)
KSE100 70,928 Increased By 637.5 (0.91%)
KSE30 23,378 Increased By 207 (0.89%)

SINGAPORE: Chicago soybean futures gained ground on Monday with record edible oil prices driving gains, although ample supplies from the US harvest kept a lid on the market.

Corn and wheat futures were largely unchanged.

"Vegetable oil prices continue to be a source of impetus for (soybean) prices," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

The most-active soybean contract on the Chicago Board Of Trade (CBOT) rose 0.2% to $12.46 a bushel, as of 0253 GMT. Corn was unchanged at $5.30-1/2 a bushel and wheat was unmoved at $7.34 a bushel.

Malaysian palm oil futures hit a record high of nearly 5,000 ringgit a tonne on Friday and posted a weekly gain of 10.2%, lifted by outlook for tight supplies. The market was largely unchanged on Monday.

Investors in the agricultural markets are awaiting a report from the US Department of Agriculture (USDA) on production forecast, which is due on Tuesday.

Favourable weather across the US Midwest is boosting harvesting of corn and soybean crops.

Strong demand continues to support prices.

European Union wheat exports have surged in the early part of the 2021/22 season as strong importer demand, a falling euro and high Russian prices boosted EU shipments.

In China, heavy rain across northern areas last week has delayed the corn harvest, submerged fields in water and raised concerns about the quality of the crop in the world's second largest producer, analysts and farmers said on Friday.

Large speculators raised their net long position in CBOT corn futures in the week to Oct. 5, regulatory data released on Friday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and switched to a net short position in soybeans.

Comments

Comments are closed.