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 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Morning markets: new US weather threat lifts crops

Twitter Linkedin

US commodities returned refreshed from the weekend, with wheat returning above $54 a bushel, helped by rising expectations of a further rain threat to corn and soybean harvests.

Traders are expecting US Department of Agriculture data to show that farmers made little progress in harvests last week, thanks to a weather front which has plagued the Midwest with rain and frost.

While last weekend provided some respite, forecast predict a return of adverse conditions.

"Rain and thunderstorms west, dry central and east Wednesday, rain and a few thunderstorms Thursday, lingering light showers east, mostly dry conditions west Friday," Meteorlogix said n its Midwest weather forecast.

"The weather pattern will remain unfavourable for crop dry down and harvest throughout the Midwest. Freezing temperatures in the west could have damaged any immature crop."

Dollar revives

Although the dollar revived a touch, rebounding a touch from a 14-month low against the euro and so making US crops less competitive as exports, crops looked to revive the rally which came unstuck at the end of last week.

Chicago corn for December added 1.25 cents to $3.73 ¼ a bushel at 07:15 GMT, with November soybeans adding 10.5 cents to $9.88 a bushel

Wheat, which was hurt last week by an end to short-covering as some investors began to feel its rally had petered out, also returned to the front foot, adding 4.75 cents to $5.03 ½ a bushel for December delivery.

Palm rises

In Kuala Lumpur, palm oil also made headway, as it continued to benefit from data showing higher Malaysian exports in the first 15 days of the month.

Cargo surveyors on Friday estimated exports up more than 10% month on month.

The benchmark January contract closed the morning session on the Bursa Malaysia Derivative Exchange up 29 ringgit at 2,207 ringgit a tonne.

Earlier, it touched 2,217 ringgit a tonne, a five-week high.

By Agrimoney.com

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

© Agrimoney.com 2017

Agrimoney.com 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