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Business Recorder
3 days ago
- Business
- Business Recorder
Wheat down 1-2 cents, corn up 1-down 1, soy down 4-6
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 - Down 1 to 2 cents per bushel CBOT wheat futures fell on expectations of a large global wheat crop. Agricultural consultancy Sovecon on Thursday raised its forecast for Russia's wheat exports for the 2025-2026 season by 1.1 million metric tons to 40.8 million tons, citing improved weather conditions for the harvest. Russia plans to export 53.0 million metric tones of grain, including 44.5 million tonnes of wheat, in the 2024-2025 season, Russian deputy prime minister Dmitry Patrushev said on Friday. The U.S. Department of Agriculture reported U.S. wheat export sales losses of 128,800 metric tons, in line with analyst expectations. CBOT July soft red winter wheat was last down ½ cent at $5.33-1/2 per bushel. K.C. July hard red winter wheat was last up 1/4 cent at $5.32 per bushel. Minneapolis July spring wheat was last up 3-1/2 cents at $6.19 a bushel. Wheat down 8-9 cents, corn down 1-2, soy up 5-6 Corn - Down 1 cent to up 1 cent per bushel Corn futures were mixed as traders weighed Brazil's large upcoming corn crop with large export sales reported on Thursday by the U.S. Department of Agriculture. The USDA reported export sales of corn for the current marketing year at 916,700 tons, in line with expectations. U.S. exporters sold 210,560 metric tons of corn to unknown destinations. CBOT July corn was last up 3/4 cent at $4.47-3/4 per bushel. Soybeans - Down 4 to 6 cents per bushel Soybean futures ticked lower to hold near Thursday's three-week low, curbed by expectations of ample supplies along with uncertainty over biofuel demand as the U.S. government considers waivers for oil refiners. Traders are assessing a Reuters report that the White House is considering a plan to clear a record backlog of requests from small refineries for exemptions from U.S. biofuel laws. The USDA reported export sales of soybeans clocked in at 146,000 tons, below a range of analyst expectations. CBOT July soybeans were down 4-3/4 cents at $10.47 per bushel.
Business Recorder
5 days ago
- Business
- Business Recorder
Wheat rebounds on lower-than-expected US crop ratings
CANBERRA: Chicago wheat futures rose on Wednesday after US crop condition ratings came in below market expectations, but prices remained under pressure as improving weather conditions in several major producers bolsters the supply outlook. Corn futures also rose while soybeans edged lower. The most active wheat contract on the Chicago Board of Trade (CBOT) was up 1% at $5.33-1/2 a bushel, as of 0337 GMT. A short-covering rally lifted wheat from a five-year low of $5.06-1/4 earlier this month, but actual or forecast rain in the US Plains, parts of Europe, the Black Sea region and China have underlined expectations for plentiful supply, with prices plunging 2.6% on Tuesday. The US Department of Agriculture crop ratings released after market close on Tuesday showed only 45% of US spring wheat in good to excellent condition, below even the lowest in a range of analyst expectations. The USDA also said 50% of US winter wheat was in good to excellent condition, beneath the average analyst forecast but still the highest rating for this time of year since 2020. But global wheat demand is low and the risk to crop production will reduce further as northern hemisphere harvests ramp up, said Rod Baker, an analyst at Australian Crop Forecasters in Perth. PASSCO's wheat reserves will not be released into open market: minister 'Hefty short positions mean there's still time for a rally,' he said. 'But each day that goes by it gets less likely.' Commodity funds hold a large net short position in CBOT wheat and were net sellers on Tuesday, traders said. In other crops, CBOT soybeans were down 0.1% at $10.61-3/4 a bushel and corn climbed 0.3% to $4.60-3/4 a bushel. Corn and soybeans are under pressure from expectations of a large corn and soybean crop in Brazil, with agribusiness consultancy Datagro this week increasing its forecasts for the country's 2024/2025 crops. The USDA rated 68% of the US corn crop as good to excellent in its first condition ratings for the 2025 season, below the average estimate of 73% in a Reuters analyst poll.
New Straits Times
5 days ago
- Business
- New Straits Times
Palm rises on stronger Dalian oils, crude; weak Chicago soyoil caps gains
KUALA LUMPUR: Malaysian palm oil futures opened higher on Wednesday for a fourth session, buoyed by stronger rival Dalian oils and crude oil prices, though weaker Chicago soyoil limited gains. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained RM12, or 0.31 per cent, to RM3,880 (US$913.80) a metric ton in early trade. Dalian's most-active soyoil contract rose 0.23 per cent, while its palm oil contract added 1.05 per cent. Soyoil prices on the Chicago Board of Trade were down 0.14 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices edged higher in early trading as the US barred Chevron from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, weakened 0.26 per cent against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. European Union soybean imports for the 2024/25 season, which began in July, reached 12.69 million metric tons by May 25, up 7 per cent from the same period a year earlier, while palm oil imports were at 2.57 million tons, down 19 per cent, data published by the European Commission stated. Palm oil may retrace into a range of RM3,814 to RM3,838 per metric ton, as it faces strong resistance at RM3,878, Reuters technical analyst Wang Tao said. Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings.
Barnama
6 days ago
- Business
- Barnama
CPO Futures Extend Gains, Lifted By Stronger Soybean Oil Prices
WORLD By Siti Noor Afera Abu KUALA LUMPUR, May 27 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its upward trend to close higher today, as market sentiments were boosted by the rise in soybean oil prices on the Chicago Board of Trade. Palm oil trader David Ng said expectations of increased demand for CPO from China and other markets also contributed to the rise in prices. 'We see support at RM3,800 per tonne and resistance at RM4,000 per tonne,' he told Bernama. At the close, the spot month June 2025 contract rose by RM32 to RM3,867 per tonne, July 2025 increased by RM32 to RM3,875 per tonne, and August 2025 went up RM35 to RM3,868 per tonne. September 2025 advanced by RM37 to RM3,862 per tonne, October 2025 gained RM36 to RM3,865 per tonne, and November 2025 rose by RM33 to RM3,866 per tonne. Trading volume widened to 49,593 lots from 34,817 yesterday, while open interest was slightly lower at 243,185 contracts from 243,913 contracts previously. The physical CPO price for June South was increased by RM30 to RM3,900 per tonne. -- BERNAMA
Business Recorder
6 days ago
- Business
- Business Recorder
Wheat down 8-9 cents, corn down 1-2, soy up 5-6
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 Tuesday. Wheat - Down 8 to 9 cents per bushel CBOT wheat futures fell for a third straight session on Tuesday, as the risk of crop-damaging weather ahead of the northern hemisphere harvest receded, reinforcing expectations of a well-supplied market. Recent days have seen rain in dry parts of northern Europe, rainfall forecasts in drought-hit cropping regions in China, an upward revision to a wheat yield forecast in the European Union and an upgraded production estimate for Russia. Traders were awaiting the U.S. Department of Agriculture's weekly crop report later on Tuesday to see if U.S. winter wheat conditions continued to improve last week. Export demand for wheat remains tepid and export prices in top shipper Russia dipped last week. CBOT July soft red winter wheat was last down 9-1/2 cents to $5.33 per bushel. K.C. July hard red winter wheat was last down 11-1/4 cents to $5.27-1/2 a bushel. Minneapolis July spring wheat was last down 6 cents to $6.00-1/2 a bushel. Paris wheat pushed down by export-punishing euro strength Corn - Down 1 to 2 cents per bushel Corn futures lowered, curbed by a bounce in the dollar. The U.S. Department of Agriculture in its weekly crop report Tuesday afternoon will release corn condition ratings and planting progress. A lack of weather risks to the U.S. corn crop have weighed on prices. CBOT July corn was last down 3/4 cent to $4.58-3/4 per bushel. Soybeans - Up 5 to 6 cents per bushel Soybeans rose under support from soyoil futures, which have rallied on hopes that the U.S. Environmental Protection Agency will release new biofuel blending mandates. CBOT July soybeans were last up 6-1/4 cents to $10.66-1/2 per bushel.
