AGL 40.10 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.97 Increased By ▲ 1.44 (1.11%)
BOP 6.80 Increased By ▲ 0.12 (1.8%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 8.97 Increased By ▲ 0.03 (0.34%)
DFML 43.00 Increased By ▲ 1.31 (3.14%)
DGKC 84.02 Increased By ▲ 0.25 (0.3%)
FCCL 32.96 Increased By ▲ 0.19 (0.58%)
FFBL 78.40 Increased By ▲ 2.93 (3.88%)
FFL 12.12 Increased By ▲ 0.65 (5.67%)
HUBC 110.90 Increased By ▲ 0.35 (0.32%)
HUMNL 14.56 No Change ▼ 0.00 (0%)
KEL 5.62 Increased By ▲ 0.23 (4.27%)
KOSM 8.26 Decreased By ▼ -0.14 (-1.67%)
MLCF 39.75 Decreased By ▼ -0.04 (-0.1%)
NBP 61.34 Increased By ▲ 1.05 (1.74%)
OGDC 199.94 Increased By ▲ 0.28 (0.14%)
PAEL 26.65 No Change ▼ 0.00 (0%)
PIBTL 7.81 Increased By ▲ 0.15 (1.96%)
PPL 160.30 Increased By ▲ 2.38 (1.51%)
PRL 26.70 Decreased By ▼ -0.03 (-0.11%)
PTC 18.80 Increased By ▲ 0.34 (1.84%)
SEARL 83.00 Increased By ▲ 0.56 (0.68%)
TELE 8.23 Decreased By ▼ -0.08 (-0.96%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 9.06 No Change ▼ 0.00 (0%)
TREET 16.99 Decreased By ▼ -0.48 (-2.75%)
TRG 60.50 Decreased By ▼ -0.82 (-1.34%)
UNITY 27.90 Increased By ▲ 0.47 (1.71%)
WTL 1.42 Increased By ▲ 0.04 (2.9%)
BR100 10,570 Increased By 163.2 (1.57%)
BR30 31,952 Increased By 238.6 (0.75%)
KSE100 98,779 Increased By 1450.2 (1.49%)
KSE30 30,764 Increased By 571.6 (1.89%)

Chicago corn and soyabean futures dropped sharply on Monday as hopes of Chinese buying fizzled and forecasts of cooler weather in the US Midwest eased concerns about crop yield losses. Wheat prices also were lower, pressured by bigger European yields, traders said. September corn futures on the Chicago Board Of Trade was down 8 cents, or 1.9% at $4.22-3/4 a bushel as of 11:23 am. CDT (1523 GMT), having gained 1.4% in the previous session.
Temperatures are beginning to cool across much of the Corn Belt after storms and extreme heat over the weekend threatened to curb US corn yields, according to Commodity Weather Group on Monday. But even if high temperatures return, the impact on pollination may not been too severe, said Karl Setzer, with Agrivisor. "The reason is the seed genetics are so much better than they were in the past," he said.
Large speculators raised their net long position in CBOT corn futures in the week to July 16, regulatory data released on Friday showed. Traders are also awaiting the US Department of Agriculture weekly crop progress report. Expectations are for no changes in good to excellent ratings from last week. The CBOT's August soyabean contract fell 11-3/4 cents, or 1.3% to $8.90-1/4 a bushel in mid-day trading on Monday.
Dealers said uncertainty about the ongoing trade tensions between the United States and China continued to weigh on prices. "The market has been hinged on the idea that China may announce the purchase of soyabeans," said Mike Zuzolo, of Global Commodity Analytics.
The CBOT's September wheat contract was down 9-3/4 cents, or 1.9% to $4.92-3/4 a bushel on Monday. The European Union is set for a larger wheat harvest this summer. A heat-wave in late June wilted some crops but had a less severe impact than initially feared, traders and industry officials said on Friday.

Copyright Reuters, 2019

Comments

Comments are closed.