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: palm oil misses out on rebound

Twitter Linkedin eCard

Palm oil was a notable laggard as many other farm commodities set off on Wednesday looking to continue their wary rebound.

Traders blamed a lack of fresh incentives for a 1.7% drop to 2,414 ringgit a tonne in Bursa Malaysia's key July palm contract by 06:00 GMT.

"There is no fresh news out there apart from what we expect, which is firm demand and tight supplies in Malaysia," one trader told Reuters, the news agency.

The next key data due are cargo agency export reports on Tuesday, after a long weekend which was also blamed for an air of caution.

'Not so worried'

Chicago grains, meanwhile, plodded ahead, continuing their rebound from Monday's swine flu scare, although softer US soybean exports to China continued to exercise investors' minds, against a background of the forthcoming expiry of May contracts.

In general, later contracts were doing better than earlier ones.

May soybeans were 9 cents higher at $9.99 ¼ a bushel, with the July contract 10 cents higher at $9.93 a bushel.

Wheat maintained steady progress on Monday's data showing backward, if progressing, planting of the US spring wheat crop. The May contract was 1.25 cents higher at $511 3/4 a bushel, with July wheat up 1.5 cents at 523 ½.

Corn added 2.75 cents to $3.77 3/4 a bushel for May and 3 cents to 2.86 ½ for the July contract.

"After the big sell-off, there's some buying back-in while there's still sowing delays in the US that's helping to support prices," Pat Cogswell, a trader at MF Global Australia, said.

"In the current volatile market everyone got a bit frightened on Monday and now maybe they're not so worried even though this [flu] doesn't seem to be going away."

Twitter Linkedin eCard
Related Stories

Evening markets: Calendar and dollar revival provoke ag market reversal

For cotton futures, that means a higher close, but the likes of soybeans and corn struggle. Coffee futures maintain downward trajectory

Deere lifts sales hopes - even as it unveils biggest loss in 25 years

The maker of John Deere tractors flags "strengthening" market conditions, but swallows a huge writedown prompted by US tax retorms

Plant Impact agrees takeover by Croda, after failure of Bayer contract

The crop enhancement group, floored by the failure of a supply deal with Bayer, agrees a takeover by a maker of chemicals from anti-wrinkle creams to floor coatings

Weekly grain and oilseed market view from Europe

Sluggish EU wheat exports... but buoyant feed demand... impact of euro currency moves...
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