AIRLINK 63.70 Increased By ▲ 1.50 (2.41%)
BOP 6.10 Decreased By ▼ -0.13 (-2.09%)
CNERGY 4.84 Decreased By ▼ -0.15 (-3.01%)
DFML 14.94 Increased By ▲ 0.04 (0.27%)
DGKC 67.00 Decreased By ▼ -1.99 (-2.88%)
FCCL 17.45 Decreased By ▼ -0.28 (-1.58%)
FFBL 24.75 Increased By ▲ 0.15 (0.61%)
FFL 9.18 Decreased By ▼ -0.03 (-0.33%)
GGL 10.30 Increased By ▲ 0.40 (4.04%)
HBL 108.39 Decreased By ▼ -0.11 (-0.1%)
HUBC 117.00 Increased By ▲ 0.50 (0.43%)
HUMNL 6.64 Decreased By ▼ -0.06 (-0.9%)
KEL 4.42 Decreased By ▼ -0.04 (-0.9%)
KOSM 4.64 Decreased By ▼ -0.08 (-1.69%)
MLCF 35.84 Decreased By ▼ -1.06 (-2.87%)
OGDC 123.10 Decreased By ▼ -0.20 (-0.16%)
PAEL 22.94 Increased By ▲ 0.50 (2.23%)
PIAA 23.89 Increased By ▲ 1.67 (7.52%)
PIBTL 5.75 No Change ▼ 0.00 (0%)
PPL 111.02 Increased By ▲ 0.12 (0.11%)
PRL 27.60 Increased By ▲ 0.03 (0.11%)
PTC 15.25 Increased By ▲ 1.06 (7.47%)
SEARL 53.01 Decreased By ▼ -0.24 (-0.45%)
SNGP 63.14 Decreased By ▼ -0.61 (-0.96%)
SSGC 10.92 Decreased By ▼ -0.08 (-0.73%)
TELE 9.23 Increased By ▲ 0.28 (3.13%)
TPLP 10.95 Increased By ▲ 0.22 (2.05%)
TRG 71.50 Increased By ▲ 1.20 (1.71%)
UNITY 24.85 Increased By ▲ 0.65 (2.69%)
WTL 1.37 Increased By ▲ 0.01 (0.74%)
BR100 6,752 Increased By 53.9 (0.81%)
BR30 22,657 Increased By 38.3 (0.17%)
KSE100 65,487 Increased By 596.4 (0.92%)
KSE30 21,715 Increased By 178.8 (0.83%)

CHICAGO: Chicago soybeans and corn extended gains on Monday to hit multi-month highs as unfavourable heat and dryness in South America stoked supply worries.

Wheat also rose early in the session, bolstered by hopes for greater export demand, then slipped by mid-day on technical trading. Dealers said many market participants were still on vacation after the Christmas break, so relatively small trades were causing larger-than-usual price moves.

Chicago Board of Trade’s most-active soyabeans rose 1.96% to $13.67 a bushel by 1612 GMT, extending gains seen before Christmas and, in mid-day trading, hitting their highest since Aug. 17.

Corn rose 1.03% to $6.12 a bushel, hitting its highest since late June. Wheat was down 0.31% to $8.12-1/4 a bushel.

Soyabean and corn crop harvests are expected to be smaller in southern Brazil this season as fields are suffering from dryness, weather forecasters and consultancies said. “The weather pattern over South America is static and that system is now showing that there could be problems going into Argentina,” said Don Roose, president of Iowa-based US Commodities. “The question now is whether a La Nina weather pattern will continue to stress the crops.”

Meanwhile, China will stabilize its corn production and expand its soyabean output in 2022, the Communist Party’s People’s Daily quoted the agriculture minister as saying on Monday.

Wheat was supported by expectations of more demand, with a long-awaited tender from Iraq issued just before Christmas and new tenders seen possible from other buyers.

Comments

Comments are closed.