AVN 66.45 Increased By ▲ 0.75 (1.14%)
BAFL 30.07 Increased By ▲ 1.08 (3.73%)
BOP 4.75 Increased By ▲ 0.16 (3.49%)
CNERGY 4.02 Increased By ▲ 0.27 (7.2%)
DFML 14.29 Increased By ▲ 0.03 (0.21%)
DGKC 43.98 Increased By ▲ 1.28 (3%)
EPCL 44.48 Increased By ▲ 2.31 (5.48%)
FCCL 11.95 Increased By ▲ 0.75 (6.7%)
FFL 4.98 Decreased By ▼ -0.06 (-1.19%)
FLYNG 6.14 Increased By ▲ 0.31 (5.32%)
GGL 10.41 Increased By ▲ 0.16 (1.56%)
HUBC 62.09 Increased By ▲ 1.94 (3.23%)
HUMNL 5.87 Increased By ▲ 0.13 (2.26%)
KAPCO 27.51 Increased By ▲ 0.62 (2.31%)
KEL 2.22 Decreased By ▼ -0.02 (-0.89%)
LOTCHEM 26.73 Increased By ▲ 0.55 (2.1%)
MLCF 22.52 Increased By ▲ 1.53 (7.29%)
NETSOL 86.60 Increased By ▲ 1.98 (2.34%)
OGDC 86.30 Increased By ▲ 0.40 (0.47%)
PAEL 11.38 Increased By ▲ 0.23 (2.06%)
PIBTL 4.29 No Change ▼ 0.00 (0%)
PPL 80.26 Decreased By ▼ -0.04 (-0.05%)
PRL 13.66 Increased By ▲ 0.98 (7.73%)
SILK 0.90 Decreased By ▼ -0.01 (-1.1%)
SNGP 41.92 Increased By ▲ 0.62 (1.5%)
TELE 6.29 Increased By ▲ 0.24 (3.97%)
TPLP 16.39 Increased By ▲ 0.52 (3.28%)
TRG 112.91 Increased By ▲ 2.41 (2.18%)
UNITY 14.42 Increased By ▲ 0.49 (3.52%)
WTL 1.20 Increased By ▲ 0.02 (1.69%)
BR100 4,075 Increased By 124 (3.14%)
BR30 14,525 Increased By 302.7 (2.13%)
KSE100 40,847 Increased By 1061.6 (2.67%)
KSE30 15,212 Increased By 411.4 (2.78%)
Follow us

SINGAPORE: Chicago soybean futures declined on Thursday, as rains across Argentina’s farm belt boosted crop prospects, easing concerns about supply disruptions resulting from a severe drought. Wheat lost ground after two days of gains, as snowfall in US Plains improved prospects for the winter crop.

“Most of Argentina will get rain at one time or another in the next 10 days, though the precipitation will be most frequent and significant in west-central and northwestern crop areas,” said Terry Reilly, a senior analyst at Futures International. The most-active soybean contract on the Chicago Board of Trade (CBOT) slid 0.1% to $15.01-3/4 a bushel, as of 0325 GMT.

Wheat gave up 0.3% to $7.39 a bushel and corn lost 0.1% to $6.73-3/4 a bushel. Rains across Argentina’s drought-hit soybean-growing areas in recent days have eased fears of crop losses. Soybean sales from Argentina’s 2021/2022 harvest covered 80.6% of the 44 million tonne harvest, as of last week, below the 82.6% sold from the previous season at the same time, data from its agricultural ministry showed Wednesday.

CBOT soybeans may test resistance at $14.96-1/2

Around 94% of Russia’s winter crops are in a good or satisfactory condition, Russia’s agriculture ministry said. India will provide 3 million tonnes of wheat to bulk consumers such as flour millers, as part of efforts to bring down prices, which jumped to a record high on Wednesday, a government official told Reuters.

The allocation is more than traders’ expectations of around 2 million tonnes. The market was waiting for government permission for nearly two months as supplies dwindled at the tail end of the wheat marketing year even as demand surged. Commodity funds were net buyers of CBOT soybeans, wheat and soymeal futures contracts and net sellers of corn and soyoil futures, traders said.

Comments

1000 characters

Soybeans face pressure on Argentine rains, wheat falls after rally

To be presented in first week of June: FY24 budget call circular issued to ministries, divisions

Power surge crashes grid, plunging millions into darkness

Premature termination of PPA of Hubco power plant recommended

Alvi optimistic about IMF talks

IMF team to arrive on 31st

PKR fall to set off huge economic ‘crisis’: PTI

ECC approves revised conditions for sugar export

PDM leaders take stock of political situation

Financial statements: Compliance with applicable reporting framework ensured: KE

Govt may exempt solar equipment from all taxes