AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

CHICAGO: US wheat futures were mostly lower on Wednesday as the harvest of winter wheat advanced, with dry conditions expected to speed progress in the Plains, traders said. Corn futures were mixed, with strong domestic cash markets supporting nearby July futures on the Chicago Board of Trade. Soybean futures were mostly lower.

As of 1:13 p.m. CDT, CBOT July wheat was down 1 cent at $10.49-1/4 per bushel. July corn was up 6 cents at $7.74-1/4 a bushel and July soybeans were down 4-1/4 cents at $16.94-1/4 in choppy trade. CBOT soft red winter and K.C. hard red winter wheat futures declined on seasonal pressure, with the K.C. July contract dipping to $11.25-3/4, its lowest since June 3. Weather forecasts in the southern Plains hard red winter wheat belt called for “favourably dry” conditions, the Commodity Weather Group said.

“We are at harvest for winter wheat, and that’s going to keep it under some pressure. Because it is a small harvest, (futures prices) will probably bottom early in the harvest period, but we’ve still got to get a little farther,” said Jack Scoville, analyst with the Price Futures Group in Chicago.

Corn and soy traders were monitoring a hot spell in the Midwest, where the planting of both crops is nearly complete after a slow start due to cool, wet weather in April and May.

“Initially this hot and dry weather is going to be good for the crops; we needed it. But if it goes much longer, it will turn from good to bad in a hurry,” Scoville said.

Meanwhile, fears of an economic downturn, fuelled by surging inflation and lockdowns in China to counter renewed COVID-19 outbreaks, have taken attention away from supply disruption in grains caused by Russia’s invasion of Ukraine.

Comments

Comments are closed.