AIRLINK 172.70 Decreased By ▼ -3.03 (-1.72%)
BOP 13.30 Increased By ▲ 0.18 (1.37%)
CNERGY 7.39 Decreased By ▼ -0.15 (-1.99%)
FCCL 43.62 Decreased By ▼ -0.29 (-0.66%)
FFL 14.88 Decreased By ▼ -0.13 (-0.87%)
FLYNG 26.49 Decreased By ▼ -0.41 (-1.52%)
HUBC 129.80 Decreased By ▼ -0.43 (-0.33%)
HUMNL 13.20 Decreased By ▼ -0.14 (-1.05%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 6.04 Decreased By ▼ -0.02 (-0.33%)
MLCF 55.30 Decreased By ▼ -0.73 (-1.3%)
OGDC 212.35 Decreased By ▼ -2.42 (-1.13%)
PACE 5.94 Decreased By ▼ -0.04 (-0.67%)
PAEL 41.20 Increased By ▲ 0.30 (0.73%)
PIAHCLA 16.35 Increased By ▲ 0.03 (0.18%)
PIBTL 9.58 Decreased By ▼ -0.17 (-1.74%)
POWER 11.52 Decreased By ▼ -0.24 (-2.04%)
PPL 178.20 Decreased By ▼ -3.28 (-1.81%)
PRL 33.48 Decreased By ▼ -0.74 (-2.16%)
PTC 22.82 Decreased By ▼ -0.24 (-1.04%)
SEARL 94.45 Decreased By ▼ -1.27 (-1.33%)
SILK 1.18 Increased By ▲ 0.04 (3.51%)
SSGC 34.94 Decreased By ▼ -0.51 (-1.44%)
SYM 15.75 No Change ▼ 0.00 (0%)
TELE 7.79 Decreased By ▼ -0.08 (-1.02%)
TPLP 10.83 Decreased By ▼ -0.15 (-1.37%)
TRG 60.90 Increased By ▲ 0.40 (0.66%)
WAVESAPP 10.70 Decreased By ▼ -0.11 (-1.02%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,019 Decreased By -35.1 (-0.29%)
BR30 36,238 Decreased By -228.7 (-0.63%)
KSE100 113,757 Decreased By -599.4 (-0.52%)
KSE30 35,066 Decreased By -281.6 (-0.8%)

CHICAGO: US corn futures fell by about 4% on Monday on a mix of technical selling and forecasts for improving weather in the Midwest as the crop approaches a key growth phase.

Soybeans fell more than 2% and wheat followed the weaker trend as the US winter wheat harvest got under way.

Chicago Board of Trade (CBOT) July corn futures were down 28 cents at $6.56-1/2 a bushel at 12:53 p.m. CDT (1753 GMT), with new-crop December corn down 29 cents at $5.80-3/4.

CBOT July soyabeans, meanwhile, lost 36-1/2 cents to $14.72 a bushel and July wheat was down 6 cents at $6.74-3/4 a bushel.

Corn posted the biggest declines on a percentage basis.

“The ags sold off with gusto overnight after weekend weather models flipped cooler and wetter for many key crop production areas of the United States,” Arlan Suderman, StoneX chief commodities economist, wrote in a note to clients.

Some analysts saw Monday’s declines in grains as follow-though selling after weak closes on Friday in CBOT corn and soyaoil futures. Commodity funds hold sizeable net long positions in both commodities, leaving the markets vulnerable to bouts of long liquidation.

Futures fell despite trade expectations that the US Department of Agriculture will flag a decline in US crop ratings in its weekly report due later on Monday, reflecting stress from a hot spell last week.

Analysts surveyed by Reuters on average expected the USDA to rate 69% of the US corn crop in good to excellent condition, down 3 percentage points from the previous week, and 65% of the soyabean crop as good to excellent, down 2 points.

CBOT July soyaoil fell 1.7% and Malaysian palm oil fell nearly 8% on Monday.

Comments

Comments are closed.