AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

CHICAGO: Chicago Corn and soybean futures slipped on Friday, pressured by extended forecasts calling for cooler weather into August, though hot, dry weather in the coming week across the US Midwest underpinned prices.

Wheat traded both sides of even as concerns over unfavourable weather in key exporting countries countered pressure from corn and soybeans. The most-active corn contract on the Chicago Board Of Trade (CBOT) lost 12 cents to $5.49-1/4 per bushel by 11:09 a.m. CDT (1609 GMT).

Soybeans fell 2 cents to $13.60-1/4, while wheat lost 2-3/4 cents to $6.89-1/2 per bushel. Mixed weather forecasts kept corn losses capped, as recent dryness could erode crop conditions when the US Department of Agriculture reports weekly ratings on Monday afternoon.

"Forecasts for the next 10 days are still pretty hot and dusty. But there are some indications for a potential change in the 11-14-day forecasts," said Jack Scoville, market analyst at The Price Futures Group. "It's the uncertainty that's creating a little bit of selling."

Weaker export demand has added pressure, as international buyers are deterred by higher shipping costs.

"It's something we hear from Chinese buyers every time we talk to them, complaining more about high ocean freight rates," said Arlan Suderman, chief commodities economist at StoneX.

China's soybean imports are set to slow sharply in late 2021 from a record first-half tally, confounding expectations for sustained growth from the top global buyer and denting market sentiment just as US farmers look to sell their new crop.

Dry weather in top wheat exporters Russia and North America is supporting prices. Russia's agriculture ministry said yields from the harvest of the country's wheat crop averaged 3.45 tonnes per hectare as of July 20, down from 3.47 tonnes a year earlier.

Comments

Comments are closed.