AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.10 Increased By ▲ 0.05 (0.99%)
CNERGY 4.57 Increased By ▲ 0.15 (3.39%)
DFML 37.60 Increased By ▲ 1.76 (4.91%)
DGKC 90.45 Increased By ▲ 2.45 (2.78%)
FCCL 22.45 Increased By ▲ 0.25 (1.13%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.73 Decreased By ▼ -0.06 (-0.61%)
GGL 10.89 Increased By ▲ 0.09 (0.83%)
HBL 115.70 Decreased By ▼ -0.20 (-0.17%)
HUBC 136.42 Increased By ▲ 0.58 (0.43%)
HUMNL 10.02 Increased By ▲ 0.18 (1.83%)
KEL 4.61 No Change ▼ 0.00 (0%)
KOSM 4.95 Increased By ▲ 0.29 (6.22%)
MLCF 40.00 Increased By ▲ 0.12 (0.3%)
OGDC 138.02 Increased By ▲ 0.12 (0.09%)
PAEL 27.40 Increased By ▲ 0.97 (3.67%)
PIAA 24.73 Decreased By ▼ -1.55 (-5.9%)
PIBTL 6.70 Decreased By ▼ -0.06 (-0.89%)
PPL 123.30 Increased By ▲ 0.40 (0.33%)
PRL 27.31 Increased By ▲ 0.62 (2.32%)
PTC 13.95 Decreased By ▼ -0.05 (-0.36%)
SEARL 59.90 Increased By ▲ 1.20 (2.04%)
SNGP 70.00 Decreased By ▼ -0.40 (-0.57%)
SSGC 10.56 Increased By ▲ 0.20 (1.93%)
TELE 8.54 Decreased By ▼ -0.02 (-0.23%)
TPLP 11.15 Decreased By ▼ -0.23 (-2.02%)
TRG 64.40 Increased By ▲ 0.17 (0.26%)
UNITY 26.80 Increased By ▲ 0.75 (2.88%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,599 Increased By 139.8 (0.55%)
KSE100 75,336 Increased By 405.6 (0.54%)
KSE30 24,215 Increased By 69.3 (0.29%)

CANBERRA: Chicago soybean futures dipped on Tuesday after large US bean sales to China and fears that hot and dry conditions in top producer Brazil may be damaging crops pushed prices to their highest since August in the previous session.

Corn also fell, while wheat futures rose. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.3% at $13.78-1/4 a bushel by 0445 GMT after rising to $13.86 on Monday, the highest since Aug. 31.

Rainfall and soil moisture are not improving in central Brazil, where the bulk of the country’s soy is grown, said Vitor Pistoia, an analyst at Rabobank in Sydney. “The situation is not looking good for the soybean harvest,” he said.

Consultants AgRural lowered their forecast for Brazil’s 2023/24 soybean crop by 1.1 million metric tons to 163.5 million and said further downgrades were possible before the end of this month. The northern two-thirds of Brazil - including top grain producing state Mato Grosso - are forecast to see temperatures near 100 degrees Fahrenheit (38 degrees C) in the coming days.

The Brazilian soy harvest is due to begin around year-end. Meanwhile, US exporters sold 204,000 tonnes of soybeans to China for 2023/2024 delivery, the US Department of Agriculture said - the latest in a string of sales ahead of a meeting between Joe Biden and Xi Jinping in San Francisco on Wednesday.

Higher demand for US beans has helped push Chicago prices up 10% from a 22-month low in October. CBOT December soymeal futures have also surged, hitting a contract high on Monday.

Analysts estimate that the US soybean harvest is 96% complete. In other crops, CBOT corn slipped 0.3% to $4.75-3/4 a bushel and wheat rose 0.2% to $5.80-1/4 a bushel.

The USDA said US exporters had sold 143,637 metric tons of corn to Mexico for 2023/2024 delivery, helping lift prices from Monday’s three-year low of $4.61 a bushel.

Record-breaking US and Brazilian harvests have boosted corn supply, pressuring prices. Moving to wheat, the USDA is expected to show steady US winter wheat condition ratings, with the crop off to its best start in four years, according to analysts polled by Reuters. Russian export prices rose for a second week, with 12.5% protein Russian wheat for free-on-board delivery in late December increasing to $230 a metric ton last week from $226, the IKAR agriculture consultancy said.

Wheat remains near September’s three-year low of $5.40 a bushel, thanks to a deluge of cheap wheat from Russia, which has seen a second consecutive bumper harvest.

Comments

Comments are closed.