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: lame start for corn and wheat

Twitter Linkedin eCard

Once again, palm oil and soybeans stuffed it to wheat and corn, which began the week in poor spirit thanks to a weak oil price and fair planting weather for spring crops.

Chicago's May corn contract slid 4 cents to $3.72 ¼ a bushel, its lowest for more than a month, as new notes of caution on the US economy tripped up oil. New York crude stood 0.72 cents down at $49.61 a barrel at 06:00 GMT following reminders by US president Barack Obama and one of his advisers, Paul Volcker, that economic recovery would be hard won.

Corn's growing use as a feedstuff for bioethanol plants makes it particularly sensitive to the oil price.

Decent planting weather for the US crop sustained the bearish tone.

Chicago wheat fell in sympathy, dropping 5.5 cents to $5.17 ½ a bushel despite a report from National Australia Bank foercasting a drop of 1% in Australia's harvest for the year to 2010.

Early risers

It was a different story for soybeans and palm oil, however, which started this week as they had left off the last.

Chicago's May soybean contract add 3 cents to $10.54 a bushel, helped by continued strong demand from China and a report late last week from Rosario Grains Exchange cutting its estimate of Argentina's drought-affected crop by 11%.

"Strong demand is underpinned by China and that continues to be the primary driver for soybeans," Toby Hassall, an analyst at Commodity Warrants Australia, told Reuters.

Bursa Malaysia's benchmark July palm oil contract was 53 ringgit, or 2.2%, up at 2,488 ringgit a tonne, pulled higher by dwindling stocks and firm exports as well as the strength in soybeans.

Palm oil and soybean oil are to a large part interchangeable, supplying between roughly two-thirds of the world's cooking oil.

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