AVN 63.94 Decreased By ▼ -1.02 (-1.57%)
BAFL 29.95 Decreased By ▼ -0.30 (-0.99%)
BOP 4.64 No Change ▼ 0.00 (0%)
CNERGY 3.88 No Change ▼ 0.00 (0%)
DFML 13.40 Decreased By ▼ -0.15 (-1.11%)
DGKC 40.64 Decreased By ▼ -1.56 (-3.7%)
EPCL 47.01 Increased By ▲ 1.20 (2.62%)
FCCL 10.99 Decreased By ▼ -0.42 (-3.68%)
FFL 5.05 Decreased By ▼ -0.12 (-2.32%)
FLYNG 5.76 Decreased By ▼ -0.04 (-0.69%)
GGL 9.78 Decreased By ▼ -0.26 (-2.59%)
HUBC 61.85 Decreased By ▼ -1.45 (-2.29%)
HUMNL 5.66 Decreased By ▼ -0.09 (-1.57%)
KAPCO 27.52 Decreased By ▼ -0.31 (-1.11%)
KEL 2.14 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.23 Decreased By ▼ -1.10 (-4.34%)
MLCF 20.78 Decreased By ▼ -0.79 (-3.66%)
NETSOL 83.19 Decreased By ▼ -1.80 (-2.12%)
OGDC 86.27 Increased By ▲ 0.04 (0.05%)
PAEL 10.78 Decreased By ▼ -0.14 (-1.28%)
PIBTL 4.11 Decreased By ▼ -0.12 (-2.84%)
PPL 76.26 Decreased By ▼ -2.26 (-2.88%)
PRL 13.66 Increased By ▲ 0.04 (0.29%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 40.86 No Change ▼ 0.00 (0%)
TELE 5.87 Decreased By ▼ -0.13 (-2.17%)
TPLP 15.61 Decreased By ▼ -0.39 (-2.44%)
TRG 109.97 Decreased By ▼ -1.73 (-1.55%)
UNITY 13.80 Decreased By ▼ -0.19 (-1.36%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 3,967 Decreased By -58.9 (-1.46%)
BR30 14,185 Decreased By -217.7 (-1.51%)
KSE100 39,871 Decreased By -579.3 (-1.43%)
KSE30 14,898 Decreased By -212.2 (-1.4%)
Follow us

PARIS/SINGAPORE: Chicago soybean futures edged higher on Wednesday, steadying above a 2021 low struck a day earlier, as hopes of renewed Chinese demand countered pressure from higher than expected forecasts of US supplies.

Corn edged down, while wheat was largely unchanged.

The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.6% at $12.05-3/4 a bushel by 1106 GMT. On Tuesday, prices hit their lowest since December 2020.

The US Department of Agriculture (USDA) on Tuesday projected a 2021 US soybean crop of 4.448 billion bushels and a yield of 51.5 bushels per acre, above the average of analyst estimates.

"The market is focused on Chinese purchases," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"China is expected to come back to the market and buy more soybeans."

China's soybean imports in September fell 30% from the previous year, customs data showed on Wednesday, as poor crush margins curbed demand.

However, availability of supplies from the ongoing US harvest are expected to trigger some renewed Chinese demand.

Soybeans rise on tightening edible oil supplies

Rallying vegetable oil prices also lent some support to oilseed markets like soybeans.

Palm oil futures hit a record high on Wednesday after top buyer India slashed its base import tax on edible oils to zero.

CBOT corn was down 0.3% at $5.21 a bushel and wheat inched up a quarter of a cent to $7.34-1/4 a bushel.

Corn remained curbed by the USDA's revised forecast of the US harvest that was above average trade expectations.

Wheat, meanwhile, had rallied on Tuesday after the USDA forecast global wheat ending stocks at the lowest in five years.

Comments

Comments are closed.

Soybeans steady after slide as Chinese demand in focus

Talks with IMF team: Doubts exist about Dar-led team’s capability

UAE president’s visit cancelled due to ‘inclement weather’

Alvi approves SOEs (Governance and Operations) Bill, 2022

Crucial IMF talks begin today

SBP issues mechanism for quota-based sugar export

SBP says curbing inflation critical to achieving growth

All-risk insurance of Guddu plant: MoC asks NICL to comply with PMO’s directives

Getting Daharki Power shares: ECC allows FF $2.9m equity investment

Revised RFP: AEDB seeks approval from Nepra

LCs: steel sector says facing dire situation