Latest news with #TobinGorey
Zawya
21-07-2025
- Business
- Zawya
Corn dips but US heat concerns limit losses
CANBERRA - Chicago corn futures fell on Monday after a short-covering rally lifted prices by 3.8% last week, with traders balancing concerns that hot weather will shrink U.S. yields against an overall picture of plentiful supply. Wheat futures gave back some of Friday's gains and soybeans were down for the first time in four trading sessions as soyoil prices dipped from two-year highs. The most active corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $4.26 a bushel by 0245 GMT, with CBOT soybeans falling 0.6% to $10.29-1/4 a bushel and wheat 0.4% lower at $5.44 a bushel. All three contracts remain close to multi-month or multi-year lows due to ample supply, but traders fear that forecast heat in the United States could damage corn and soybean production. Around 7% of global corn supply now faces weather-related threats, including parts of the U.S., Ukraine and Russia, said Tobin Gorey, founder of Cornucopia, a consultancy. "The coarse grain market has substantial weather worries for the first time this northern summer," he said. "(These) worries are large enough to lift prices, and likely started to do so last week." U.S. biofuel policy meanwhile means more soybeans are likely to be crushed for soyoil feedstock, and the wind-down of the U.S. winter wheat harvest is easing downward pressure on wheat. Commodity funds were net buyers of CBOT corn, soybeans and wheat last week, according to traders. The U.S. Department of Agriculture will issue a weekly update on U.S. crop conditions on Monday. In France, farmers made more swift progress in harvesting wheat last week but maize field conditions deteriorated further, farm office FranceAgriMer said. ئ
Business Recorder
21-07-2025
- Business
- Business Recorder
Corn dips but US heat concerns limit losses
CANBERRA: Chicago corn futures fell on Monday after a short-covering rally lifted prices by 3.8% last week, with traders balancing concerns that hot weather will shrink U.S. yields against an overall picture of plentiful supply. Wheat futures gave back some of Friday's gains and soybeans were down for the first time in four trading sessions as soyoil prices dipped from two-year highs. The most active corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $4.26 a bushel by 0245 GMT, with CBOT soybeans falling 0.6% to $10.29-1/4 a bushel and wheat 0.4% lower at $5.44 a bushel. All three contracts remain close to multi-month or multi-year lows due to ample supply, but traders fear that forecast heat in the United States could damage corn and soybean production. Around 7% of global corn supply now faces weather-related threats, including parts of the U.S., Ukraine and Russia, said Tobin Gorey, founder of Cornucopia, a consultancy. 'The coarse grain market has substantial weather worries for the first time this northern summer,' he said. '(These) worries are large enough to lift prices, and likely started to do so last week.' U.S. biofuel policy meanwhile means more soybeans are likely to be crushed for soyoil feedstock, and the wind-down of the U.S. winter wheat harvest is easing downward pressure on wheat. Commodity funds were net buyers of CBOT corn, soybeans and wheat last week, according to traders. The U.S. Department of Agriculture will issue a weekly update on U.S. crop conditions on Monday. In France, farmers made more swift progress in harvesting wheat last week but maize field conditions deteriorated further, farm office FranceAgriMer said.
Zawya
18-07-2025
- Business
- Zawya
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. "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. Prices at 1119 GMT Last Change Pct Move CBOT wheat 542.75 9.25 1.73 CBOT corn 427.25 6.25 1.48 CBOT soy 1039.75 13.25 1.29 Paris wheat 201.00 1.50 0.75 Paris maize 208.00 2.50 1.22 Paris rapeseed 476.50 -2.25 -0.47 Euro/dlr 1.16 0.00 0.42 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
Business Recorder
18-07-2025
- 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.
