RSS
Twitter
Linked In
News In
Markets
Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

You are viewing your 1 complimentary article.

Register now to receive full access.

Already registered?

Login | Join us now

Morning markets: crops get back on their feet

Twitter Linkedin eCard

Chicago's correction-stunned food commodities dusted themselves off on Thursday, as lower prices tempted funds back in, but Malaysian palm oil remained in the doldrums.

Traders might not have expected too much headway in food commodities given the round of falls in equity markets – Tokyo shares were the latest to post a negative close, of 0.75% - and weaker oil.

New York crude for July added a further $0.10 to Wednesday's 3% losses, standing at $66.02 a barrel at 06:08 GMT.

That was enough to sour the mood in Kuala Lumpur, where palm oil looked set for its third successive day of decline.

Bursa Malaysia's benchmark August contract ended the morning session down 45 ringgit at 2,530 ringgit a tonne.

Revived interest

Chicago crops recovered some of the ground lost on Wednesday when a warning by Ben Bernanke, the head of the Federal Reserve, over the US economy sent financial markets tumbling.

Wheat - which closed down 7.8%, nearly at its daily 60 cent limit – recovered 5 cents, or 0.8%, to $6.22 ½ a bushel for July delivery. Forward contracts also gained modest ground.

That was in line with the rise in corn, which edged 3.5 cents, or 0.8%, up to $4.36 a bushel, narrowly ahead of new crop contracts.

Soybeans were the best performer, adding 13.25 cents, or 1.1%, to $11.95 ¼ a bushel.

"I do believe commodities across the board are going a lot higher," Akhilesh Kamkolkar, head of futures at Halifax Investment Services Ltd in Sydney, told Reuters, the news agency.

"People were waiting for a pullback in some of these commodities and they did get it overnight, so they are starting to come back in."

Twitter Linkedin eCard
Related Stories

Evening markets: Soybean futures gain, cotton prices jump on US data

Initial USDA forecasts for crop supply and demand for 2018-19 lift soy and cotton prices, but are not so well received in the cotton market

Weekly grain market view from Europe, February 23

EU cold snap could damage crops... UK market prices in closure of Vivergo ethanol plant... Rising Russian wheat prices...

Evening markets: Argentine moisture slips up soymeal rally. But weather revives wheat

Meal futures dip, a little, for the first time in 12 sessions. But wheat futures gain, as drought spreads in Kansas, and cold reaches Europe

Morning markets: Ag futures ease, as traders await key 2018 forecasts

US officials will later on Thursday issue the first of a series of forecasts for US crops in 2018-19. Markets are cautious in the mean time
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2017

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of AgriBriefing Ltd
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069