AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,343 Increased By 33.1 (0.4%)
BR30 26,460 Increased By 509.8 (1.96%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)

SINGAPORE: Chicago wheat futures were largely unchanged on Friday, but the market was poised for its biggest weekly decline in nearly three months on outlook for a record Australian crop.

Soybeans gained ground, while corn was almost flat.

The most-active wheat contract on the Chicago Board Of Trade (CBOT) is down almost 3% this week, the biggest weekly fall since week ending Sept. 10. The market was trading unchanged at $8.15 a bushel as of 0424 GMT.

Soybeans are down 0.2% for the week and corn has lost nearly 2% this week.

Wheat prices have soared in recent weeks, as the possibility of more Russian export restrictions and the risk of rain damage to Australia's crop fanned fears of tight milling wheat supplies.

However, global supply worries have eased in recent days on signs of a stabilising US crop, and Australia's chief commodity forecaster, ABARES, revising its official estimate for the 2021/22 crop to a record 34.4 million tonnes.

Saudi Arabia said it was seeking 535,000 tonnes of wheat in a tender, after Egypt on Monday bought 600,000 tonnes in its biggest purchase in years. Tunisia and Jordan also made purchases.

EU wheat consolidates after slide with virus, Australia crop in focus

In the soybean market, Chinese importers bought 130,000 tonnes of US beans, the US Department of Agriculture said, confirming deals reported by Reuters on Wednesday. Exporters struck deals to sell another 164,100 tonnes of US soy to undisclosed buyers, the agency said.

However, China's soybean imports from the United States in 2021/22 are expected to fall sharply from last season after loading delays following Hurricane Ida.

An early 2022 Brazil soy crop also shortened the US export window to China, the world's top soybean buyer.

Argentine farmers will plant an estimated 7.3 million hectares of corn in the 2021/22 season, the Buenos Aires grains exchange said on Thursday, hiking its forecast from a previous estimate of 7.1 million hectares.

Commodity funds were net buyers of CBOT wheat, corn, soybean and soyoil futures contracts on Thursday, traders said. Funds were estimated to be net even of soymeal futures.

Comments

Comments are closed.