Wheat and corn down 2-3 cents, soy up 7-9
Wheat - Down 2 to 3 cents per bushel
CBOT wheat fell on pressure from the active harvests in the U.S. and the Black Sea, which are expected to be sizeable.
However, the wheat market is underpinned by short-covering and bargain-buying after last week's deep losses, with prices trading close to multi-year lows reached in May.
CBOT September soft red winter wheat was last down 3-1/4 cents to $5.45-3/4 per bushel. K.C. September hard red winter wheat was last down 2-1/4 cents to $5.29 per bushel, and Minneapolis September spring wheat was last down ¼ cent to $6.26-3/4 per bushel.
Corn - Down 2 to 3 cents per bushel
CBOT corn eased on Wednesday to remain near contract lows as favorable crop weather was expected to continue in the U.S. Midwest, reinforcing the prospect of a bumper harvest.
Wheat up 2-4 cents, corn down 5-7, soy down 8-10
With a mix of showers and warm, mild weather set to continue, traders currently see limited threats to corn crops as they approach the crucial pollination stage.
Upcoming rains will minimize dryness in the U.S. Midwest, an analyst note said.
Meanwhile, rival exporter Brazil is harvesting what some analysts anticipate will be a record second-corn crop.
CBOT December corn was down 2-3/4 cents to $4.03-1/4 per bushel.
Soybeans - Up 7 to 9 cents per bushel
CBOT soybeans ticked higher on short covering ahead of the Fourth of July holiday weekend as well as strengthening soyoil futures.
Soyoil futures rose after a tax-cut and spending bill adopted by the U.S. Senate included a measure to restrict biofuel credits to North American feedstock.
However, expectations of ample supplies have also weighed on the soybean market.
CBOT November soybeans were last up 6-1/2 cents to $10.33-3/4 per bushel.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Palm logs weekly gain despite weakness in rival oils, profit taking
KUALA LUMPUR: Malaysian palm oil futures closed lower on Friday, weighed by weaker rival edible oils at the Chicago and Dalian markets and by profit booking, though the contract still managed to post its seventh weekly gain in eight. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid 29 ringgit, or 0.71%, to 4,062 ringgit ($963.02) a metric ton at the close. The contract rose 1.27% this week. Crude palm oil prices were lower, tracking weakness in soybean oil and Dalian palm olein prices, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. 'Profit-taking activities after the recent price rally also affected the market,' he added. Dalian's most-active soyoil contract fell 0.95%, while its palm oil contract shed 0.07%. Soyoil prices on the Chicago Board of Trade lost 0.96%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Palm up as strong Dalian oils counter weak crude, Chicago soyoil Oil futures fell slightly after Iran reaffirmed its commitment to nuclear non-proliferation, while major producers from the OPEC+ group are set to agree to raise their output this weekend. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.05% against the dollar, making the commodity slightly expensive for buyers holding foreign currencies. Malaysia's palm oil inventories likely dropped for the first time in four months in June as production fell unexpectedly while export demand remained robust for the tropical oil, a Reuters survey showed.
Business Recorder
an hour ago
- Business Recorder
Copper slides as focus shifts to July 9 U.S. tariff deadline
LONDON: Copper prices retreated on Friday as focus switched to President Donald Trump's July 9 deadline when sweeping tariffs take effect on countries that have not yet secured trade agreements. Benchmark copper on the London Metal Exchange (LME) was down 0.8% at $9,875 a metric ton at 1017 GMT, after having hit a three-month high at $10,020.5 a ton earlier this week. Volumes are subdued and likely to remain so due to the July 4 Independence Day holiday in the United States, traders said. Trump said his administration will begin sending letters later on Friday to 10 to 12 countries informing them of the tariff rate their products will face in the United States. Caution due to several large trading partners, including the European Union, Japan and India, still trying to negotiate a deal with the U.S. had triggered profit-taking on long positions or bets on higher prices, traders said. On the technical front, first support for copper comes in at the 21-day moving average around $9,760. Copper prices edge up as tariff uncertainty drags on Elsewhere, worries about aluminium supplies on the LME created by large holdings of warrants and nearby contracts due to slowing outflows and deliveries to warehouses approved by the London exchange. Aluminium stocks in LME warehouses have climbed more than 20,000 tons to 356,975 tons since June 25. Cancelled warrants or metal earmarked for delivery at 2% indicate only small amounts are due to be delivered out. Overall, a softer dollar was providing some support for industrial metals on Friday. But traders said growing prospects of the Federal Reserve holding interest rates steady after Thursday's strong jobs report could boost the U.S. currency and weigh on metals demand. Aluminium was down 0.4% at $2,595 a ton, zinc fell 0.5% to $2,736, lead eased 0.2% to $2,059, tin retreated 0.4% to $33,710 and nickel slipped 0.5% to $15,370.
Business Recorder
2 hours ago
- Business Recorder
Stocks surge as KSE-100 gains nearly 1,100 points
Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 1,100 points during the second half of the trading session on Friday. At 3:55pm, the benchmark index was hovering at 131,776.46 level, an increase of 1,089.81 points or 0.83%. Buying was observed in key sectors including automobile assemblers, cement, commercial banks, OMCs and power generation. Index-heavy stocks including HUBCO, SSGC, WAFI, HCAR, HBL, MCB and MEBL traded in the green. On Thursday, the PSX extended its record-breaking rally as the government's decision to slash National Savings Scheme rates, reduce industrial power tariffs, and accelerate deliberations on the privatisation of state-owned enterprises fueled market momentum. The benchmark KSE-100 Index surged to a fresh all-time high, rising by 342 points or 0.26% to close at 130,686.66 points. Internationally, most Asian equity markets struggled on Friday, despite record highs for Wall Street overnight, as US President Donald Trump's deadline for trade deals loomed next week. The dollar retraced some of Thursday's gains with US markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law. Japan's Nikkei rose 0.3% as of 0152 GMT after flipping between gains and losses in early trading. Hong Kong's Hang Seng slumped 1.3%, while mainland Chinese blue chips edged slightly lower. Taiwan's equity benchmark shed early gains to decline 0.2%. South Korea's KOSPI sank more than 1%. US S&P 500 futures edged down 0.2%, following a 0.8% overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed on Friday for Independence Day. Investors cheered a surprisingly robust jobs report on Thursday in sending all three of the main U.S. equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $3.4 trillion to the nation's $36.2 trillion debt, according to the nonpartisan Congressional Budget Office. Trump also said he would start sending out letters to trade partners with their tariff rates, as deals remained elusive ahead of the July 9 deadline. This is an intra-day update
