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

Shares, dollar and oil weigh on commodities

Twitter Linkedin

Agricultural commodity futures started Wednesday in the same mood as they went to bed – downbeat.

Tuesday's late slide in US markets, blamed on a weak oil price and strong dollar, continued this morning, with Chicago corn for May delivery down 4.25 cents at $3.92 a bushel at 09:00 GMT.

Wheat was 5.25 cents lower at $5.34 ½ a bushel, and soy 7.75 cents down at $9.81 ¾ a bushel.

Traders blamed the slide on continued strength in the dollar against the euro, which lost further ground to $1.321, and on falling share prices.

"We are seeing global equity prices under further pressure – Asian equities down," Garry Booth, an MF Global Australia commodity trader told Reuters.

"Selling pressure is coming in and probably grains will remain under pressure until we see how... US equities perform."

Palm oil recovery

Oil prices were also weak, with Brent crude down $0.87 at $50.35 a barrel and New York crude $1.12 lower at $48.03.

Nonetheless, palm oil staged a rebound, with the benchmark June contract recovering from a drop to 2,153 ringgit a tonne to stand at 2,180 ringgit a tonne in late trade, in line with Tuesday's close. The contract was helped by lingering concerns over Malaysian stocks.

By Mike Verdin

Twitter Linkedin
Related Stories

Evening markets: Ags poop party lifting other commodities, shares

Wheat futures set another contract low, while arabica coffee hits its weakest close but one in 19 months, despite buying in other asset classes

Australia cuts wheat export hopes, pegs canola shipments at 7-year low

The country’s Abares bureau sees a dent to wheat shipment prospects from a smaller harvest, but lifts expectations for coarse grain exports

Hedge funds turn net bullish on ags - ahead of price drop to historic low

Speculators are wrong-footed in soymeal, in which they hike bullish bets just before a price tumble. But they fare better in cotton and cocoa

December makes poor stab of bringing festive cheer to ag bulls

This might have been the month when grain prices began a "breakout", higher. Instead, ag prices are hitting their lowest in at least 26 years
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