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 grain and soybean futures declined on Tuesday amid pressure from a fall in financial markets and concerns over rising inflation. Stocks extended losses, after a bruising selloff a day earlier pushed the S&P 500 to confirm a bear market, as investors braced for an aggressive interest rate hike from the Federal Reserve this week.

Wheat futures felt additional pressure from seasonal selling at harvest time, along with the strong US dollar creating headwinds for US farm exports, analysts said.

Price breaks are being bought in wheat, though, and the market will trade sideways until global production becomes clearer, said Arlan Suderman, chief commodities economist for StoneX.

“We’re chopping sideways until we more know,” Suderman said.

The most-active wheat contract at the Chicago Board of Trade was down 15-3/4 cents at $10.55-1/4 a bushel by 12:15 p.m. CDT (1715 GMT). Corn was down 2-3/4 cents at $7.66-1/2 a bushel, while soybeans slipped 2-3/4 cents to $17.04-3/4 a bushel.

Traders continue to monitor disruptions to Black Sea exports of Ukrainian grain and talks aimed at boosting shipments. Russia’s invasion of Ukraine will create a global wheat shortage for at least three seasons by keeping much of the Ukrainian crop from markets, pushing prices to record levels, Ukraine’s agriculture minister told Reuters.

Traders are also watching conditions of the US corn and soybean crops. The US Department of Agriculture on Monday rated 72% of the US corn crop in good to excellent condition, down 1 percentage point from a week earlier and below the average of estimates in a Reuters poll.

The USDA rated 70% of the soybean crop as good to excellent in its first 2022 condition ratings for the oilseed, in line with trade expectations.

Comments

Comments are closed.