AIRLINK 74.00 Decreased By ▼ -0.56 (-0.75%)
BOP 5.02 Decreased By ▼ -0.04 (-0.79%)
CNERGY 4.42 Decreased By ▼ -0.04 (-0.9%)
DFML 39.20 Decreased By ▼ -0.53 (-1.33%)
DGKC 86.09 Decreased By ▼ -1.46 (-1.67%)
FCCL 21.65 Decreased By ▼ -0.28 (-1.28%)
FFBL 34.01 Decreased By ▼ -0.58 (-1.68%)
FFL 9.92 Increased By ▲ 0.17 (1.74%)
GGL 10.56 Increased By ▲ 0.07 (0.67%)
HBL 113.89 Increased By ▲ 0.10 (0.09%)
HUBC 135.84 Decreased By ▼ -0.68 (-0.5%)
HUMNL 11.90 Increased By ▲ 1.00 (9.17%)
KEL 4.84 Increased By ▲ 0.17 (3.64%)
KOSM 4.53 Decreased By ▼ -0.11 (-2.37%)
MLCF 38.27 Decreased By ▼ -0.19 (-0.49%)
OGDC 134.85 Decreased By ▼ -1.29 (-0.95%)
PAEL 26.35 Decreased By ▼ -0.26 (-0.98%)
PIAA 20.80 Decreased By ▼ -1.69 (-7.51%)
PIBTL 6.68 Increased By ▲ 0.01 (0.15%)
PPL 123.00 Increased By ▲ 0.71 (0.58%)
PRL 26.69 Decreased By ▼ -0.28 (-1.04%)
PTC 14.33 Increased By ▲ 0.42 (3.02%)
SEARL 59.12 Decreased By ▼ -0.75 (-1.25%)
SNGP 69.50 Decreased By ▼ -0.56 (-0.8%)
SSGC 10.33 Decreased By ▼ -0.02 (-0.19%)
TELE 8.50 Decreased By ▼ -0.04 (-0.47%)
TPLP 11.23 Decreased By ▼ -0.11 (-0.97%)
TRG 64.85 Decreased By ▼ -1.15 (-1.74%)
UNITY 26.25 Decreased By ▼ -0.08 (-0.3%)
WTL 1.34 Decreased By ▼ -0.01 (-0.74%)
BR100 7,851 Increased By 26.3 (0.34%)
BR30 25,337 Decreased By -69.2 (-0.27%)
KSE100 75,207 Increased By 122.8 (0.16%)
KSE30 24,143 Increased By 49.1 (0.2%)

SINGAPORE: Chicago wheat slid for a third consecutive session on Friday, falling more than 1%, as improved U.S. production outlook and beneficial crop weather in Argentina weighed on prices.

Corn and soybeans dropped to one-week low on signs that hot weather conditions in the U.S. Midwest this week could be short-lived.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.1% at $7.04-3/4 a bushel, as of 0038 GMT. Corn slid 0.8% to $5.38 a bushel and soybeans gave up 0.5% to $13.91-3/4 a bushel, with both markets hitting their lowest since July 21.

Expectations of above-average spring crop yields in the United States weighed on prices.

Scouts on the second day of an annual U.S. crop tour late on Tuesday projected spring wheat in northwest and north-central North Dakota will produce lower yields than last year, but bigger than the five-year average.

Recent rains in Argentina’s agricultural region have allowed soil moisture to recover and 72.1% of the planned wheat harvest has now been planted under good and optimal conditions, the Buenos Aires grains exchange said on Thursday.

For the week, wheat in up 1.1% with gains earlier driven by concerns over Black Sea supplies.

Russian President Vladimir Putin on Thursday told African leaders he would gift them tens of thousands of tons of grain despite Western sanctions, which he said made it harder for Moscow to export its grain and fertilisers.

Speaking at a Russia-Africa summit in St Petersburg, Putin said Russia was ready to replace Ukrainian grain exports to Africa on both a commercial and aid basis to fulfil what he said was Moscow’s critical role in global food security.

Corn is up half a percent this week, while soybeans are down by a similar percentage.

Several weather forecasters are predicting more crop-favourable weather as the region’s corn finishes pollinating, a key growth stage in determining yields, while soybeans approach their pod-setting phase in August, said Karl Setzer, brokerage research lead with Mid-Co Commodities.

Comments

Comments are closed.