Linked In
News In
Linked In

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Evening markets: strong export data revive corn

Twitter Linkedin

Firm export numbers helped corn beat early blues to stand nearly 2% higher in late trade in Chicago, dragging corn and soybeans up with it.

External markets faded as the day wore on. While London's FTSE share index managed to match its record of 11 successive winning days, poor results from the likes of Aetna, the health insurer, and telecoms group Verizon Communications softened US stocks.

That took the wind out of oil's sails, with New York crude but $0.09 higher at $69.14 a barrel at 18:00 GMT, below a day high of $68.99 a barrel.

Export aid

Still, Chicago commodities did their best to show decoupling from other markets, helped by US export inspections for corn of 52.2m bushels, way ahead of traders' estimates of, at best, 34m bushels.

The prospect of enthusiastic demand helped the crop dispel investors' lingering concerns over favourable weather to add 5.5 cents to $3.23 ¾ a bushel for the September contract.

That helped other crops out of a hole too, with wheat up 5 cents at $5.20 ¼ a bushel for September delivery despite weak export inspections of 10.7m bushels. The market had been looking for at least 14m bushels.

Soybeans for August were 0.5 cents lower at $10.22 a bushel.

Slower gains

Among softs, sugar again managed a three-year high – although less convincingly this time.

India's government, facing the prospect of relying on foreign shipments for a second year, has agreed to extend beyond this month a period of duty-free imports of raw and refined sugar, according to Reuters, the news agency.

In theory, that should have been excellent news for the market. But, as the old adage goes, buy on rumour, sell on fact.

New York sugar for October crawled 0.04 cents higher to 18.47 cents a pound.

Hogs recover

Elsewhere, New York cocoa for September dropped $27 to $2,880 a tonne, with profit taking blamed for the commodity being unable to hold on to an 11-month high of $2,935 a tonne.

Its London counterpart ended down £34 at £1,807 a tonne.

But Chicago hogs recovered from early lows to avoid repeating Friday's 3% drops, which were blamed on weak pork prices and high animal weights.

August hogs stood 0.125 cents higher at 59.175 cents a pound.


Twitter Linkedin
Related Stories

Evening markets: South American double whammy brings ags back down to earth

Ags lose early gains, undermined by a tumble in Brazil’s real, and falling rain in Argentina. Still, wheat futures remain in positive territory

Can cotton prices extend their rally?

History suggests futures will not stay long in the 70s cents a pound. So which way will they trend?

Morning markets: Hard wheat regains premium over soft, amid US dryness worries

Kansas City wheat outperforms, as Plains precipitation worries extend to a dearth of snow cover. But Kuala Lumpur palm oil hits a 16-month low

Evening markets: Ags gain, as funds begin to get that year-end festive mood

Ag prices recover, helped by the likes of more positive comment on US export competitiveness, and some more negative talk on Argentine rains
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© 2017 and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069