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

Morning markets: crops lose their fizz

Twitter Linkedin

Farm commodities lost their fizz on Thursday as traders booked profits in the face of falling oil and equity prices.

New York crude had slipped $0.62 to $62.83 a barrel for July by 06:15 GMT, with Brent down $0.25 at $61.88 a barrel, as investors trimmed hopes for the US recovery following Wednesday's equity rout, when the Dow Jones Industrial Average lost 2.1%.

That threw commodity investors off their stride, and sent Chicago grains a little easier in electronic trading, with Kuala Lumpur palm oil losing ground too.

List of losers

Soybeans, which briefly crossed $12 a bushel on Wednesday, eased 2.25 cents to $11.83 ¾ a bushel for the July contract, matching losses in new crop contracts.

Wheat shed 5.0 cents to $6.20 ¾ a bushel, with new crop contracts faring marginally worse. July 2010 wheat, for instance dropped 7.25 cents to $7 a bushel on the nose.

Corn lost ground for a third successive day on expectations that US spring plantings may finish this week. Farmers had 82% of the crop in the ground by last Sunday after planting an area the size of Ireland in one week.

July corn eased 2.0 cents to $4.24 a bushel, with similar falls seen across the board of further-ahead contracts.

Palm oil, meanwhile, eased 10 ringgit to 2,495 ringgit a tonne for Bursa Malaysia's benchmark August contract despite a forecast from James Fry, an influential industry analyst, that prices may be poised to top 3,000 ringgit a tonne – as long as crude keeps making ground.

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