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 corn futures fell more than 2% on Monday, nearing a two-week low as Midwest weather forecasts turned milder for the crop's key growth phase this month, raising the potential for a large harvest, analysts said.

The rosy weather outlook also pushed soyabean futures lower, and wheat followed the weak trend.

"Risk premium is coming out of the market due to improved weather conditions ... and we have huge (old-crop) supplies we are lugging around," said Don Roose, president of Iowa-based US Commodities.

Most-active December corn futures on the Chicago Board of Trade settled down 8-1/4 cents at $3.36-1/2 per bushel after dipping to $3.34-3/4, the contract's lowest since June 30. Benchmark CBOT November soyabeans ended down 15-1/2 cents at $8.75-1/4 a bushel.

Weather forecasts looked cooler and wetter for the balance of July, when crops are pollinating in the heart of the Midwest. Corn and soya futures had climbed earlier this month as hot, dry conditions stressed crops in some areas.

After the CBOT close, the US Department of Agriculture rated 69% of the country's corn crop in good-to-excellent condition, down 2 percentage points from a week earlier. Analysts surveyed by Reuters on average had expected a smaller decline of 1 percentage point.

The USDA rated 68% of the soyabean crop as good to excellent, down from 71% last week.

Rising trade tensions with top global soya buyer China added to bearish sentiment, even after China booked 1.365 million tonnes of US corn last week, its second-largest single-day US corn purchase on record.

CBOT September wheat settled down 9-1/4 cents at $5.24-3/4 a bushel as traders continued to monitor Northern Hemisphere harvests.

Agriculture consultancy IKAR lowered its forecast for Russia's wheat crop to 76.5 million tonnes from 78 million previously. After the CBOT close, Egypt's General Authority for Supply Commodities set an international wheat purchase tender. Results were expected on Tuesday.

Comments

Comments are closed.