AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,941 Increased By 63.6 (0.92%)
BR30 22,802 Increased By 233 (1.03%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

US corn, soybean futures fall; wheat firms on technical buying

CHICAGO: US corn futures fell 1.5% on Wednesday, with investors shedding risky assets as concerns about the global e
Published August 14, 2019

CHICAGO: US corn futures fell 1.5% on Wednesday, with investors shedding risky assets as concerns about the global economy spilled over into the grain markets.

Forecasts for some rain in key growing areas of the US Midwest in the coming weeks added to the pressure on the corn market and bolstered the bearish production view issued by the US Agriculture Department on Monday.

"Corn started the day better on unwinding of intermarket spreads, but the market fell back late on more forecasts of favorable weather and general psychological disdain," Charlie Sernatinger, global head of grain futures at ED&F Man Capital, said in a note to clients.

Soybean futures also weakened, with the benchmark November contract shedding 1.2%, on the weather. The next few weeks are critical for development of the soybean crop.

Wheat futures firmed on technical buying after sinking to their lowest in nearly three months on Tuesday.

Chicago Board of Trade December corn futures ended down 6-1/4 cents at $3.70-1/4 a bushel. The most-active contract hit its lowest since May 16.

The US Department of Agriculture's surprise boost to its corn production forecast issued on Monday continued to hang over the market.

CBOT November soybean futures were down 11 cents a bushel at $8.78, settling back from a near two-week high amid ongoing concerns about US exports despite signs of relaxed tensions in the trade war with China.

Dealers were keeping a close watch on the decline in the peso currency of key exporter Argentina linked to rising fears of a return to populist policies.

"This makes it more attractive for Argentinian suppliers to ship to international markets because it increases their returns in domestic pesos when trading in USD-priced products," Commerzbank said in a market note. "However, many market participants are waiting to see whether the currency will depreciate any further."

President Donald Trump on Tuesday criticized China for not following through with expected large purchases of US agricultural products, but appeared hopeful that Beijing's stance could change.

Analysts were expecting a USDA report on Thursday morning to show weekly export sales of soybeans between 150,000 tonnes and 700,000 tonnes. A week ago, soybean export sales totaled 419,914 tonnes.

CBOT September soft red winter wheat was 1-3/4 cents higher at $4.73-3/4 a bushel. The contract found technical support near the low end of its 20-day Bollinger range.

Copyright Reuters, 2019

Comments

Comments are closed.