AGL 38.70 Increased By ▲ 0.48 (1.26%)
AIRLINK 129.20 Increased By ▲ 0.23 (0.18%)
BOP 8.72 Increased By ▲ 0.87 (11.08%)
CNERGY 4.71 Increased By ▲ 0.05 (1.07%)
DCL 8.49 Increased By ▲ 0.17 (2.04%)
DFML 39.12 Increased By ▲ 0.18 (0.46%)
DGKC 84.20 Increased By ▲ 2.26 (2.76%)
FCCL 34.00 Increased By ▲ 0.58 (1.74%)
FFBL 75.65 Decreased By ▼ -0.06 (-0.08%)
FFL 12.78 Decreased By ▼ -0.04 (-0.31%)
HUBC 110.64 Increased By ▲ 0.28 (0.25%)
HUMNL 14.11 Increased By ▲ 0.10 (0.71%)
KEL 5.42 Increased By ▲ 0.27 (5.24%)
KOSM 7.65 Decreased By ▼ -0.02 (-0.26%)
MLCF 40.90 Increased By ▲ 1.10 (2.76%)
NBP 71.99 Decreased By ▼ -0.33 (-0.46%)
OGDC 189.62 Increased By ▲ 1.33 (0.71%)
PAEL 25.40 Decreased By ▼ -0.23 (-0.9%)
PIBTL 7.45 Increased By ▲ 0.08 (1.09%)
PPL 155.21 Increased By ▲ 2.54 (1.66%)
PRL 25.69 Increased By ▲ 0.30 (1.18%)
PTC 18.11 Increased By ▲ 0.41 (2.32%)
SEARL 82.89 Increased By ▲ 0.47 (0.57%)
TELE 7.68 Increased By ▲ 0.09 (1.19%)
TOMCL 32.90 Increased By ▲ 0.33 (1.01%)
TPLP 8.32 Decreased By ▼ -0.10 (-1.19%)
TREET 16.70 Decreased By ▼ -0.08 (-0.48%)
TRG 56.50 Increased By ▲ 0.46 (0.82%)
UNITY 28.50 Decreased By ▼ -0.28 (-0.97%)
WTL 1.35 No Change ▼ 0.00 (0%)
BR100 10,759 Increased By 100.7 (0.94%)
BR30 31,714 Increased By 383 (1.22%)
KSE100 99,936 Increased By 666.4 (0.67%)
KSE30 31,203 Increased By 171.1 (0.55%)

Wheat futures on the Chicago Board of Trade were higher at midday on Friday, supported by speculative buying, traders said. Large speculators were establishing new long positions and/or covering shorts at the start of a new month, they said.
Concerns about hot, dry weather in Ukraine and Russia, along with excessive rain in the US Plains hard red winter wheat belt, added support. As of 12:20 pm CDT (1720 GMT), July wheat was up 7-3/4 cents at $5.24-3/4 per bushel, after posting a fresh one-month high at $5.30-1/2. Back months were up 6-1/2 to down 5 cents. Contract highs were hit in several deferred contracts, including September and December.
Man Financial net bought 300 July contracts, traders said. A strong number for wheat in the US Agriculture Department's weekly export sales report was also supportive. The USDA on Friday reported weekly export sales of US wheat at 709,900 tonnes (old and new crop), above trade estimates for 250,000 to 450,000 tonnes.
In Kansas, the largest US wheat producing state, rains were spreading diseases that were likely to cut yield potential of the hard red winter wheat crop. "We've got a plethora of foliar leaf diseases leaf rust, tan spot, powdery mildew. You name it, we got it," Kansas State University extension agronomist Jim Shroyer said. "They are going to take their share, a big share, out of the yield potential of the wheat that survived the freeze."

Copyright Reuters, 2007

Comments

Comments are closed.