AIRLINK 74.40 Decreased By ▼ -0.90 (-1.2%)
BOP 4.90 Decreased By ▼ -0.04 (-0.81%)
CNERGY 4.34 Decreased By ▼ -0.05 (-1.14%)
DFML 44.73 Increased By ▲ 3.55 (8.62%)
DGKC 85.54 Increased By ▲ 2.23 (2.68%)
FCCL 22.78 Increased By ▲ 1.13 (5.22%)
FFBL 31.65 Decreased By ▼ -0.35 (-1.09%)
FFL 9.31 Decreased By ▼ -0.11 (-1.17%)
GGL 10.05 Decreased By ▼ -0.03 (-0.3%)
HASCOL 6.75 Decreased By ▼ -0.07 (-1.03%)
HBL 113.86 Decreased By ▼ -0.14 (-0.12%)
HUBC 140.10 Increased By ▲ 1.00 (0.72%)
HUMNL 11.95 Decreased By ▼ -0.05 (-0.42%)
KEL 4.86 Decreased By ▼ -0.05 (-1.02%)
KOSM 4.40 Increased By ▲ 0.04 (0.92%)
MLCF 38.00 Increased By ▲ 0.49 (1.31%)
OGDC 131.11 Decreased By ▼ -1.74 (-1.31%)
PAEL 24.39 Decreased By ▼ -0.46 (-1.85%)
PIBTL 6.26 Decreased By ▼ -0.34 (-5.15%)
PPL 118.10 Increased By ▲ 0.30 (0.25%)
PRL 25.73 Decreased By ▼ -0.33 (-1.27%)
PTC 13.79 Increased By ▲ 0.07 (0.51%)
SEARL 56.99 Decreased By ▼ -0.26 (-0.45%)
SNGP 66.15 Decreased By ▼ -0.35 (-0.53%)
SSGC 10.16 Decreased By ▼ -0.08 (-0.78%)
TELE 7.94 Decreased By ▼ -0.27 (-3.29%)
TPLP 10.68 Decreased By ▼ -0.02 (-0.19%)
TRG 61.70 Decreased By ▼ -0.70 (-1.12%)
UNITY 26.75 Decreased By ▼ -0.29 (-1.07%)
WTL 1.34 Decreased By ▼ -0.01 (-0.74%)
BR100 7,832 Decreased By -13.9 (-0.18%)
BR30 25,268 Increased By 12.1 (0.05%)
KSE100 74,865 Increased By 28.4 (0.04%)
KSE30 24,000 Decreased By -4.1 (-0.02%)

CANBERRA: Chicago soybean, corn and wheat futures rose on Friday after reports that Israeli missiles had hit a site in Iran fuelled fears of escalating conflict in the Middle East and pushed oil prices sharply higher.

However, all three contracts were still close to their lowest levels since 2020 amid plentiful supply.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 3.6% at $5.73 a bushel by 0250 GMT, with CBOT corn 1.2% higher at $4.41-1/4 a bushel and soybeans up 0.7% at $11.57-1/4 a bushel.

Oil prices rose by around 3% amid concerns that Middle East oil supply could be disrupted.

Traders fear that expanding violence in the Middle East could impact shipments in the region and from Russia, the world’s biggest wheat exporter and an ally of Iran, said Commonwealth Bank analyst Dennis Voznesenski.

Higher oil prices, meanwhile, push up the value of ethanol and its feedstocks, which include corn and soybeans, he said.

While wheat was headed for a weekly gain of around 3% and corn for a weekly rise of around 1.5%, soybeans remained on track to end the week down 1.5%.

Chicago wheat recoups some losses as US dollar eases

Prices are under pressure from strong supply of wheat from Russia, soybeans from South America and corn from South America and the United States.

Iran last weekend launched hundreds of drones and missiles in a retaliatory strike on Israel after a suspected Israeli strike on its embassy compound in Syria.

Most of the drones and missiles were downed before reaching Israeli territory, with minimal damage and casualties.

Israel had said it was going to retaliate.

Comments

200 characters