logo
Wheat up 7-10 cents, corn up 3-6, soybeans up 8-12

Wheat up 7-10 cents, corn up 3-6, soybeans up 8-12

CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading at the Chicago Board of Trade at 8:30 a.m. CDT (1330 GMT) on Friday.
Wheat - Up 7 to 10 cents per bushel
Wheat futures higher on short covering ahead of the weekend after sinking to multi-month lows a day earlier. A weaker U.S. dollar and spillover support from higher corn and soybeans also underpinned the market.
CBOT September soft red winter wheat was last up 9-3/4 cents at $5.43-1/4 per bushel. K.C. September hard red winter wheat was last 11-1/2 cents higher at $5.29 per bushel. Minneapolis September wheat was last up 2-1/2 cents at $5.97-1/2 a bushel.
Corn - Up 3 to 6 cents per bushel
Corn higher on short covering and technical buying ahead of the weekend. Some concerns about excessive heat forecast for the U.S. Midwest next week also supportive.
The actively traded December corn contract broke through overhead technical resistance at its 20-day moving average during overnight trading and climbed to nearly a two-week high.
Above-normal temperatures are forecast for much of the Midwest farm belt over the next week before turning milder, meteorologists said. Some scattered showers are also expected.
CBOT December corn was last 5-1/4 cents higher at $4.26-1/4 per bushel.
Soybean heads for 3% weekly gain on US demand hopes
Soybeans - Up 8 to 12 cents per bushel
Soybeans firmer on short covering and technical buying ahead of the weekend, and as excessive heat in the Midwest forecast raised some concerns about yield impacts. Higher soyoil prices also supportive to soybeans.
Actively traded November soybeans broke through overhead technical resistance at the 50-, 100- and 200-day moving averages during overnight trading and partly filled a chart gap left after a plunge in prices two weeks ago.
Above-normal heat and some showers are forecast for the Midwest farm belt over the next week before temperatures turn milder, meteorologists said. Traders are monitoring forecasts ahead of August, when much of the U.S. soy crop begins filling pods.
CBOT November soybeans were last 10-1/4 cents higher at
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Copper prices ease on caution amid tariff talks
Copper prices ease on caution amid tariff talks

Business Recorder

time2 hours ago

  • Business Recorder

Copper prices ease on caution amid tariff talks

Copper prices slipped on both the London and Shanghai exchanges on Tuesday, as traders weighed U.S.-China negotiations and the talks between the world's top copper producer Chile and the U.S. over the latter's 50% copper tariffs from August 1. The three-month copper contract on the London Metal Exchange was down 0.35% at $9,758.5 per metric ton by 0704 GMT, while the most-traded copper contract on the Shanghai Futures Exchange edged down 0.18% to 78,840 yuan ($10,985.09) a ton. 'The softening in copper prices reflects similar declines in other Chinese futures and is likely to be short-lived, as traders are cautious and closely watching U.S.-China trade talks and developments in U.S. copper import tariffs,' a Shanghai-based analyst at a futures company said. Top U.S. and Chinese economic officials are in Stockholm since Monday to resolve trade disputes between the world's top two economies, and to extend a truce by three months. Copper under pressure as demand falters ahead of crucial week Elsewhere, Chile, the largest provider of refined copper to the U.S., expects U.S. copper tariffs to be discussed within broader trade talks in Washington this week, Finance Minister Mario Marcel said on Monday. Among other LME metals, aluminium slid 0.65% to $2,614.5 a ton, nickel fell 0.45% to $15,200, zinc lost 0.34% to $2,808, lead eased 0.12% to $2,014.5 and tin decreased 0.31% to $33,610. SHFE nickel fell 0.85% to 121,800 yuan a ton, aluminium dipped 0.22% to 20,605 yuan, zinc was down 0.35% at 22,655 yuan, tin lost 0.76% to 266,660 yuan, and lead eased 0.24% to 16,900 yuan.

South African rand extends losses as traders await outcomes of rate meeting, US tariffs
South African rand extends losses as traders await outcomes of rate meeting, US tariffs

Business Recorder

time2 hours ago

  • Business Recorder

South African rand extends losses as traders await outcomes of rate meeting, US tariffs

JOHANNESBURG: The South African rand weakened in early trading on Tuesday, with investor attention pinned on the outcome of the country's monetary policy meeting and updates on tariff negotiations as it faces a 30% levy on its exports to the U.S. At 0733 GMT, the rand traded at 17.9725 against the dollar , about 0.6% weaker than Monday's close. ETM Analytics in a research note said the risk-sensitive currency is expected to remain vulnerable as there were still no updates on the country's progress in negotiating a trade deal with the U.S. while the August 1 deadline edges closer. 'It may be that the announcement is only made on Friday, which may help clarify SA's trade position with the U.S., but in the lead-up to that, there is some concern that SA's negotiators have not made much progress and will have to accept whatever the U.S. puts on the table,' said the note. The nation's central bank will announce its rate decision on Thursday, when another 25 basis point cut is expected by economists polled by Reuters. Central bank data earlier showed that South Africa's M3 money supply growth last month was at 7.27%, up from 6.86% in May. Credit growth for June came in at 4.98%, unchanged from the previous month. 'Credit growth is starting to pick up, reflecting the impact of lower interest rates and some improvement in household finances due to rising income and lower inflation,' said Nedbank economists. South Africa's benchmark 2035 government bond was weaker in early deals, as the yield rose 2.5 basis points to 9.825%.

Iron ore stays above $100 metric ton amid Sino-US trade talks; coal slump continues
Iron ore stays above $100 metric ton amid Sino-US trade talks; coal slump continues

Business Recorder

time2 hours ago

  • Business Recorder

Iron ore stays above $100 metric ton amid Sino-US trade talks; coal slump continues

BEIJING: Iron ore futures prices held well over the key psychological level of $100 a metric ton on Tuesday, while investors closely monitored the renewed Sino-US trade talks for signs of progress. The benchmark September iron ore on the Singapore Exchange climbed 1.9% to $102.7 a ton, as of 0700 GMT. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) erased the morning's loss to end daytime trade 0.63% higher at 798 yuan ($111.17) a ton. Talks between top U.S. and Chinese officials in Stockholm, who met on Monday, are expected to continue on Tuesday to resolve longstanding economic disputes between the world's top two economies. Although the two superpowers have no deep ties in terms of direct trade in steel and its key feedstock iron ore, trade frictions could blur demand outlook in top consumer China, said analysts. Underpinning iron ore prices were also falling arrivals, with those at the major ports slipping by 7.6% week-on-week to 23.2 million tons in the week as of July 27, data from consultancy Mysteel showed. Kumba Iron Ore half-year profit flat despite increased sales 'Fundamentals of iron ore are relatively healthy amid falling arrivals and resilient hot metal output, supporting prices,' analysts at Shengda Futures said in a note. Markets also awaited details of a Chinese Politburo meeting by July-end that is expected to set the country's economic policy for the rest of the year. Prices of coking coal and coke, also steelmaking ingredients, extended their slump for a second straight session, falling 6.63% and 2.62%, respectively. Both had surged in the past week, fueled by the anticipation of a potential supply cut after the government planned to inspect mines at eight key coal production hubs to check for excess production. Most steel benchmarks on the Shanghai Futures Exchange gained. Rebar added 1.98%, hot-rolled coil rose 2.01%, wire rod advanced 2.33% while stainless steel lost 0.12%.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store