AIRLINK 196.20 Increased By ▲ 4.36 (2.27%)
BOP 10.16 Increased By ▲ 0.29 (2.94%)
CNERGY 7.92 Increased By ▲ 0.25 (3.26%)
FCCL 38.30 Increased By ▲ 0.44 (1.16%)
FFL 15.90 Increased By ▲ 0.14 (0.89%)
FLYNG 25.44 Increased By ▲ 0.13 (0.51%)
HUBC 130.65 Increased By ▲ 0.48 (0.37%)
HUMNL 13.79 Increased By ▲ 0.20 (1.47%)
KEL 4.66 Decreased By ▼ -0.01 (-0.21%)
KOSM 6.38 Increased By ▲ 0.17 (2.74%)
MLCF 44.95 Increased By ▲ 0.66 (1.49%)
OGDC 209.79 Increased By ▲ 2.92 (1.41%)
PACE 6.68 Increased By ▲ 0.12 (1.83%)
PAEL 41.05 Increased By ▲ 0.50 (1.23%)
PIAHCLA 17.75 Increased By ▲ 0.16 (0.91%)
PIBTL 8.13 Increased By ▲ 0.06 (0.74%)
POWER 9.38 Increased By ▲ 0.14 (1.52%)
PPL 180.99 Increased By ▲ 2.43 (1.36%)
PRL 40.00 Increased By ▲ 0.92 (2.35%)
PTC 24.41 Increased By ▲ 0.27 (1.12%)
SEARL 111.75 Increased By ▲ 3.90 (3.62%)
SILK 0.99 Increased By ▲ 0.02 (2.06%)
SSGC 38.17 Decreased By ▼ -0.94 (-2.4%)
SYM 19.22 Increased By ▲ 0.10 (0.52%)
TELE 8.75 Increased By ▲ 0.15 (1.74%)
TPLP 12.10 Decreased By ▼ -0.27 (-2.18%)
TRG 66.00 Decreased By ▼ -0.01 (-0.02%)
WAVESAPP 12.29 Decreased By ▼ -0.49 (-3.83%)
WTL 1.69 Decreased By ▼ -0.01 (-0.59%)
YOUW 3.99 Increased By ▲ 0.04 (1.01%)
BR100 12,090 Increased By 159.6 (1.34%)
BR30 35,982 Increased By 322.6 (0.9%)
KSE100 114,866 Increased By 1659.2 (1.47%)
KSE30 36,099 Increased By 534 (1.5%)

MUMBAI: US wheat and corn futures fell on Monday on hopes supply from the Black Sea region could normalise as Russian and Ukrainian officials gave their most upbeat assessments yet of progress in their talks following Moscow’s invasion of its neighbour.

Soybean futures rose on Argentina’s decision to halt exports registration of soy products, which could tighten the oilseed supplies already squeezed by drought.

“Wheat was overbought. As discussion between Russia and Ukraine are progressing, the market is re-evaluating future price scenarios,” said a Mumbai-based dealer with a global trading firm.

US Deputy Secretary of State Wendy Sherman said Russia was showing signs of willingness to engage in substantive negotiations about ending a conflict in which thousands have died. More than 2.5 million people have fled.

Ukraine’s government will introduce a plan to support the crop-sowing campaign in an effort to safeguard food supplies amid Russia’s invasion, Prime Minister Denys Shmygal said on Sunday.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.1% at $10.94-1/4 a bushel, as of 0438 GMT.

Corn dropped 0.85% to $7.56 a bushel while soybeans rose 0.45% to $16.83-1/2 a bushel.

Soybean prices are getting support from downward revision in output number from South America and ambiguity over exports from top exporter Argentina, the dealer said.

Argentina has halted registration of export sales of soy oil and meal, the South American country’s government said in a statement on Sunday, drawing swift condemnation from the industry in the world’s top exporter of processed soy products.

Sharp drop in palm oil and crude oil prices on Monday morning also weighed on grains, dealers said.

Oil prices shed as much as $4 a barrel on Monday, extending last week’s losses as diplomatic efforts to end the war in Ukraine were stepped up and markets braced for higher US rates.

Comments

Comments are closed.