AGL 6.45 No Change ▼ 0.00 (0%)
ANL 9.70 Increased By ▲ 0.20 (2.11%)
AVN 77.60 Increased By ▲ 2.65 (3.54%)
BOP 5.43 Increased By ▲ 0.08 (1.5%)
CNERGY 4.97 Increased By ▲ 0.17 (3.54%)
EFERT 77.25 Decreased By ▼ -0.75 (-0.96%)
EPCL 55.49 Increased By ▲ 1.34 (2.47%)
FCCL 15.36 Increased By ▲ 0.36 (2.4%)
FFL 6.48 Increased By ▲ 0.28 (4.52%)
FLYNG 7.47 Increased By ▲ 0.46 (6.56%)
GGGL 10.45 Increased By ▲ 0.40 (3.98%)
GGL 16.39 Increased By ▲ 0.45 (2.82%)
GTECH 8.37 Increased By ▲ 0.52 (6.62%)
HUMNL 6.45 Increased By ▲ 0.18 (2.87%)
KEL 2.93 Increased By ▲ 0.10 (3.53%)
LOTCHEM 28.34 Increased By ▲ 0.69 (2.5%)
MLCF 28.08 Increased By ▲ 1.08 (4%)
OGDC 73.85 Increased By ▲ 0.50 (0.68%)
PAEL 15.55 Increased By ▲ 0.25 (1.63%)
PIBTL 5.35 Increased By ▲ 0.20 (3.88%)
PRL 17.39 Increased By ▲ 1.29 (8.01%)
SILK 1.07 Increased By ▲ 0.03 (2.88%)
TELE 10.96 Increased By ▲ 0.51 (4.88%)
TPL 7.81 Increased By ▲ 0.12 (1.56%)
TPLP 19.66 Increased By ▲ 0.44 (2.29%)
TREET 23.85 Increased By ▲ 1.10 (4.84%)
TRG 126.90 Increased By ▲ 11.00 (9.49%)
UNITY 23.06 Increased By ▲ 1.26 (5.78%)
WAVES 11.55 Increased By ▲ 0.40 (3.59%)
WTL 1.14 Increased By ▲ 0.02 (1.79%)
BR100 4,126 Increased By 86.6 (2.14%)
BR30 15,495 Increased By 511.5 (3.41%)
KSE100 41,152 Increased By 531.3 (1.31%)
KSE30 15,420 Increased By 206.9 (1.36%)
Markets

Wheat falls back after hitting 2-week high; soy, corn also down

  • Retreat in oil prices, firm dollar weigh on grains
  • Tightening world supplies drove wheat to highest since
Published October 21, 2021
Follow us

SINGAPORE/PARIS: Chicago wheat futures pulled back from a two-week high hit earlier on Thursday as weaker crude oil prices and a firmer US dollar offset tightening global supplies.

Soybeans fell after rising for five straight sessions, while corn edged lower.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.6% to $7.44-1/2 a bushel at 1115 GMT, after hitting 7.52-1/2 in early trade, its highest since Oct. 7.

Soybeans fell 0.7% to $12.36-3/4 a bushel and corn fell 0.5% at $5.36-3/4 a bushel.

"The interim rise in the prices of various agriculturals yesterday was chiefly attributable to the weaker US dollar," Commerzbank said in a note.

The US dollar index was slightly higher at 1030 GMT, at 93.648.

A fall in crude oil prices was also weighing grain futures, mainly corn.

Strategie Grains sharply increased its forecast for this year's maize crop in the European Union, which led the consultancy to trim its forecast for EU maize imports in the 2021/22 season.

The US corn and soybeans harvests are more than half complete and some end-users are raising their basis bids as they work to draw out supplies from farmers.

The US Energy Information Administration said production of corn-based ethanol in the latest week rose to 1.096 million barrels per day, the biggest weekly total since June 2019, while stockpiles increased to 20.080 million barrels.

Argentine farmers have sold 31.9 million tonnes of soybeans harvested in the 2020/21 season, the Agriculture Ministry said on Wednesday in a report with data updated through Oct. 13.

On other oilseed markets, Malaysian palm oil futures pulled back from a record high to end lower on Thursday, rattled by concerns over tightening regulations on the commodities market in China.

Commodity funds were net buyers of CBOT soybean, corn, wheat, soyoil and soymeal futures contracts on Wednesday, traders said.

Comments

Comments are closed.