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Business Recorder
2 days ago
- Business
- Business Recorder
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
Business Recorder
2 days ago
- Business
- Business Recorder
Palm oil makes more than 3% weekly gain for highest close in 14 weeks
JAKARTA: Malaysian palm oil futures closed higher on Friday and posted a third consecutive weekly gain, supported by strength in rival edible oils in Dalian and Chicago. The futures also booked a 3.40% weekly gain and the highest close in 14 weeks. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 106 ringgit, or 2.52%, to 4,316 ringgit ($1,017.92) a metric ton at the close. 'Palm oil prices rose supported by strength in Chicago soyoil and Dalian palm and soyoil futures, alongside expectations of a weaker ringgit due to a strong U.S. dollar,' said Darren Lim, a commodities strategist at Singapore-based brokerage Phillip Nova. Dalian's most-active soyoil contract rose 1.34%, while its palm oil contract increased 2.28%. Soyoil prices on the Chicago Board of Trade were up 1%. 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 on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Malaysian palm oil lower on profit-taking According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3% from June 1-15, while cargo surveyor Intertek Testing Services reported a 6.2% drop. Meanwhile, Malaysia has hiked its August crude palm oil reference price, raising export duties to 9% from 8.5% in July. Indonesia's biodiesel consumption reached 7.42 million kilolitres this year, as of July 16, 47.5% of 2025's allocation. Indonesia's plantation fund agency estimates levies collected on palm oil will touch 30 trillion rupiah ($1.84 billion) this year, enough to finance the country's biodiesel mandate.
Business Recorder
2 days ago
- Business
- Business Recorder
Soybean heads for 3% weekly gain on US demand hopes
CANBERRA/PARIS: Chicago soybean futures rose for a third consecutive session on Friday, on track for a weekly gain of more than 3%, supported by hopes for improved U.S. exports and expectations that the country's biofuel policy would boost demand for soyoil. However, plentiful supply from South America and projections of a large U.S. harvest capped further gains. Corn futures also rose and were set to end the week up nearly 4% due to a wave of bargain-hunting and short-covering, though supply remains ample. Wheat climbed but was headed for a weekly loss of about 0.5% amid seasonal pressure from ongoing northern hemisphere harvests. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 1.3% at $10.39-3/4 a bushel by 1119 GMT. A weaker dollar helped propel gains by making U.S. farm goods cheaper for overseas buyers. U.S. policies restricting the range of non-soy feedstocks that can be used to make biodiesel lifted soyoil, but beans will struggle to sustain a rally, said Tobin Gorey, founder of commodities consultancy Cornucopia. Ample supply pushes soybeans below $10 a bushel 'Soybean supply is neutral,' he said. 'There's not a lot of traction for prices.' U.S. soybean export sales in the week ended July 10 reached 529,600 metric tons for 2025-26 shipment, the U.S. Department of Agriculture (USDA) said, beating analysts' expectations. The USDA also this week reported a sale of 120,000 tons of U.S. soybeans to 'unknown destinations', triggering speculation that China might be the buyer and could buy again. A trade deal between the United States and Indonesia could boost U.S. soy exports. However, oilseed lobby group Abiove raised its forecast for Brazil's 2024/25 soybean exports and the Rosario Grains Exchange lifted its estimate for Argentina's 2024/25 harvest. In other crops, CBOT corn was up 1.5% at $4.27-3/4 a bushel and wheat was 1.7% higher at $5.42-3/4 a bushel.
New Straits Times
2 days ago
- Business
- New Straits Times
Palm tracks rival edible oils higher, heads for third weekly gains
JAKARTA: Malaysian palm oil futures traded higher on Friday and headed for a third consecutive weekly gain, tracking the rise in rival edible oils at Dalian and Chicago markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained RM80, or 1.9 per cent, to RM4,290 (US$1,010.84) a metric ton by the midday break. The contract has gained 2.78 per cent this week. "Palm oil prices rose supported by strength in Chicago soyoil and Dalian palm and soyoil futures, alongside expectations of a weaker ringgit due to a strong U.S. dollar," said Darren Lim, a commodities strategist at Singapore-based brokerage Phillip Nova. Dalian's most-active soyoil contract rose 0.94 per cent, while its palm oil contract increased 1.53 per cent. Soyoil prices on the Chicago Board of Trade were up 0.78 per cent. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.05 per cent against the dollar, making the commodity cheaper for holders of foreign currencies. According to independent inspection company AmSpec Agri Malaysia, exports of Malaysian palm oil products for the July 1-15 period fell 5.3 per cent from June 1-15, while cargo surveyor Intertek Testing Services reported a 6.2 per cent drop. Meanwhile, Malaysia has hiked its August crude palm oil reference price, raising export duties to 9 per cent from 8.5 per cent in July. Indonesia's biodiesel consumption reached 7.42 million kilolitres this year, as of July 16, 47.5 per cent of 2025's allocation. Indonesia's plantation fund agency estimates levies collected on palm oil will touch 30 trillion rupiah (US$1.84 billion) this year, enough to finance the country's biodiesel mandate. Palm oil may retest resistance at RM4,316 per metric ton, a break above which could lead to a gain into RM4,354 to RM4,392 range, Reuters technical analyst Wang Tao said.
Business Recorder
3 days ago
- Business
- Business Recorder
Soybeans edge lower as plentiful supply stifles gains
CANBERRA: Chicago soybean futures fell on Thursday as expectations of ample supply reasserted themselves after hopes for increased demand for US exports helped drive prices up nearly 2% in the previous session. Corn futures edged higher, supported by short-covering and technical buying, and wheat held its ground despite pressure from ongoing harvests in the Northern Hemisphere. All three markets — corn, wheat, and soybeans — are well supplied, holding prices near multi-month or multi-year lows. Brazilian farmers will likely favour soybeans over corn when they plant later this year because of the price differential between the two crops and the higher fertiliser cost of growing corn, said Vitor Pistoia, a Rabobank analyst in Sydney. Coming on the heels of large harvests this year in Brazil and the United States, that should dispel any thought of tighter supply, he said, adding: 'There is no upside for soybeans.' However, increased crushing of soybeans in the US for oil to make biofuel would also limit any downside for prices, he added. The most active soybean contract on the Chicago Board of Trade (CBOT) was down 0.3% at $10.17 a bushel by 0338 GMT. Adjusted for inflation, month-to-date price averages for CBOT soybeans and corn are at their lowest July levels since 2006, underscoring the difficulties of US farmers who face competition from rising production in Brazil. Wednesday's soybean rally was aided by a US Department of Agriculture (USDA) notification that exporters had sold 120,000 metric tons of US soybeans to undisclosed destinations. This triggered speculation that the purchases were made by China, whose soy imports from the U.S have been slow this year. Meanwhile, US President Donald Trump said Indonesia, a top-five US soybean importer, had committed to purchasing $4.5 billion in American agricultural products in a trade deal. In other crops, CBOT corn was up 0.1% at $4.24-1/2 a bushel after rising from a contract low of $4.07-1/2 on Monday. Wheat was unchanged at $5.41-1/4 a bushel.
