AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

US soyabeans fell on Tuesday, pressured by a record harvest, as traders shrugged off a US Agriculture Department report that showed domestic supplies shrank to less than a 10-day supply at the beginning of the month. Soyabean futures were headed for a 34 percent quarterly decline - the biggest since 2008 - as the advancing harvest was expected to replenish supplies depleted by huge exports to top buyer China.
Corn and wheat were also lower at the Chicago Board of Trade but trimmed declines seen before the release of USDA's quarterly grain stocks report at midday. USDA said Soyabean stocks as of September 1 were a razor-thin 92 million bushels, versus the trade guess of 126 million. Indicated usage during June-August was 313 million bushels, up 6 percent on the year.
Grain prices have tumbled as the dollar rallied to multiyear peaks against a basket of other currencies, making US supplies less competitive in global markets just as farmers here were gathering a record corn and soya harvests. Quarterly corn stocks have a history of shocking markets but Tuesday's figure, just 0.4 percent above expectations at 1.236 billion bushels, was not a major surprise.
In a companion report, USDA said this year's wheat crop totalled 2.035 billion bushels, up 5 million bushels from its previous estimate and just below the analysts' average guess. The winter wheat crop was below expectations and the spring wheat crop somewhat larger than expected.
Most-active CBOT November soyabeans were down 4-1/2 cents at $9.19 per bushel as of 12:33 pm CDT (1733 GMT) after earlier falling as low as $9.09-3/4 - just above their 4-1/2 year low reached on Monday. CBOT December corn futures were down 3-1/2 cents at $3.22-1/4 per bushel after earlier notching a fresh five-year low on Tuesday of $3.19-1/2 per bushel on track for a 24 percent quarterly decline. CBOT December wheat was down 6-1/2 cents at $4.74-3/4, hovering above its contract low set last week and headed for a 16 percent drop during the quarter.

Copyright Reuters, 2014

Comments

Comments are closed.