AIRLINK 73.66 Decreased By ▼ -0.34 (-0.46%)
BOP 4.99 Decreased By ▼ -0.03 (-0.6%)
CNERGY 4.44 Increased By ▲ 0.02 (0.45%)
DFML 39.80 Increased By ▲ 0.60 (1.53%)
DGKC 86.29 Increased By ▲ 0.20 (0.23%)
FCCL 21.64 Decreased By ▼ -0.01 (-0.05%)
FFBL 34.15 Increased By ▲ 0.14 (0.41%)
FFL 9.80 Decreased By ▼ -0.12 (-1.21%)
GGL 10.69 Increased By ▲ 0.13 (1.23%)
HBL 113.55 Decreased By ▼ -0.34 (-0.3%)
HUBC 136.20 Increased By ▲ 0.36 (0.27%)
HUMNL 12.20 Increased By ▲ 0.30 (2.52%)
KEL 4.75 Decreased By ▼ -0.09 (-1.86%)
KOSM 4.51 Decreased By ▼ -0.02 (-0.44%)
MLCF 38.19 Decreased By ▼ -0.08 (-0.21%)
OGDC 135.95 Increased By ▲ 1.10 (0.82%)
PAEL 26.05 Decreased By ▼ -0.30 (-1.14%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.74 Increased By ▲ 0.06 (0.9%)
PPL 122.50 Decreased By ▼ -0.50 (-0.41%)
PRL 27.30 Increased By ▲ 0.61 (2.29%)
PTC 14.23 Decreased By ▼ -0.10 (-0.7%)
SEARL 57.85 Decreased By ▼ -1.27 (-2.15%)
SNGP 67.95 Decreased By ▼ -1.55 (-2.23%)
SSGC 10.32 Decreased By ▼ -0.01 (-0.1%)
TELE 8.49 Decreased By ▼ -0.01 (-0.12%)
TPLP 11.18 Decreased By ▼ -0.05 (-0.45%)
TRG 64.14 Decreased By ▼ -0.71 (-1.09%)
UNITY 26.50 Increased By ▲ 0.25 (0.95%)
WTL 1.32 Decreased By ▼ -0.02 (-1.49%)
BR100 7,860 Increased By 9.6 (0.12%)
BR30 25,294 Decreased By -42.3 (-0.17%)
KSE100 75,296 Increased By 89.6 (0.12%)
KSE30 24,187 Increased By 44.1 (0.18%)

CANBERRA: Chicago soybean futures on Wednesday hovered above four-year lows as a strengthening dollar made US exports less competitive in a market well-supplied with cheap beans from South America.

Wheat and corn were flat after major supplier Ukraine projected a drop in grain production this year, with both contracts near their lowest levels since 2020 due to ample supply.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was unchanged at $11.45 a bushel by 0302 GMT, but prices have lost about 4% this month and are nearing February’s four-year low of $11.29.

CBOT wheat was also flat at $5.65 a bushel, while corn fell 0.1% to $4.30-3/4 a bushel. Also weighing on soybeans is an improved weather outlook in the United States that heralds healthy yields, and a drop in the price of palm oil, a competitor for soyoil, Rabobank analyst Vitor Pistoia said.

Oilseeds lobby Abiove raised its estimate for Brazil’s 2023 soybean production and its beginning stocks for this year, underscoring ample supply.

Wheat production in Germany and France is also likely to decline this year, according to data and estimates. But flooding in Russia has not significantly disrupted the work of agricultural companies, the country’s agriculture minister said.

Russia is the world’s top wheat exporter. In corn, the estimate for the second harvest in Parana state, the second-largest producer in Brazil, will likely be cut in the next revision, an official at crop agency Deral said.

Comments

Comments are closed.