Main page   About us  |  Our news  |   Our services  |  Contacts
Main page Ikar.ru guide Feedback RSS       In Russian

GRAIN | FLOUR | CEREALS | SUGAR | OILSEEDS | FEEDSTUFFS & INGREDIENTS | MEAT | DAIRY
Search:  


ANALYTICS & NEWS

   IKAR in Mass Media
   Market prices
   Graphically speaking
   Market studies
   Exhibitions
   Partners
   Investment


WORK IN AGRICULTURE

   Vacancies
   Resume


   About us
   Our news
   Our services
   Contacts


Where the margin is 2020

Where the margin is 2020
February 6-7, 2020, Moscow

IKAR in Mass and Industry Media


Corn faces biggest weekly drop in 2 years on cooler U.S. weather

financialpost.com, 20.07.19


SINGAPORE — Chicago corn futures ticked higher on Friday, but the market was poised for its biggest weekly drop since June 2017 as cooler weather across the U.S. Midwest boosted crop prospects.

Wheat edged higher on bargain-buying after finishing lower for the last four sessions, with gains were capped by harvest pressure around the northern hemisphere.

The most-active corn contract on the Chicago Board Of Trade has declined by 5.9% this week, the most since the week ended June 23, 2017.

Soybeans are down 3% for the week, giving up some of last week’s gains, while wheat has lost 5.1%, the most since early March.

“We are in weather market and there is going to be volatility until the harvest,” said a Singapore-based grains trader.

Last week, grain markets were underpinned by fears that U.S. crops could suffer from prolonged hot and dry weather, but Midwest rains brought some relief on Thursday.

The U.S. Department of Agriculture’s (USDA) export data also showed Russia and Mexico canceled 171,000 tonnes and 32,000 tonnes of soybeans, respectively, adding pressure on prices.

Investors in the grains market are awaiting the USDA acreage report on Aug. 12 for price direction.

“The corn story is far from over,” said Ole Houe, director of advisory services at brokerage IKON Commodities. “The market still need to reach a consensus as to how many acres were lost due to rains and flooding.”

Russian agriculture consultancy IKAR has lowered its forecast for the Russian grain harvest to 121.4 million tonnes, Interfax news agency reported.

On July 3, IKAR forecast that the grain harvest would be 123.4 million tonnes.

Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soybean, soymeal and soyoil contracts on Thursday, traders said.

Grains prices at 0331 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI

CBOT wheat 496.50 3.00 +0.61% -2.17% 522.24 36

CBOT corn 432.00 2.25 +0.52% -2.10% 443.09 43

CBOT soy 903.25 4.25 +0.47% -0.30% 911.41 48

CBOT rice 11.83 -$0.06 -0.50% +0.38% $11.76 64

WTI crude 56.25 $0.95 +1.72% -0.93% $56.51

Currencies

Euro/dlr $1.126 $0.004 +0.37% +0.49%

USD/AUD 0.7070 0.006 +0.87% +0.83%

Most active contracts

Wheat, corn and soy US cents/bushel. Rice: USD per

hundredweight

RSI 14, exponential

https://business.financialpost.com/pmn/business-pmn/corn-faces-biggest-weekly-drop-in-2-years-on-cooler-u-s-weather-2



All viewing: 106
Discuss

Where The Margin Is
Annual Conference Agribusiness
media feedback

IKAR is a member of International research project Agri Benchmark from May 2010

Agri Benchmark

Putin Is Growing Organic Power One T-34 Tank-Tomato at a Time



Grain | Cereals | Sugar | Oilseeds | Feedstuffs & Ingredients | Meat | Dairy


IKAR. Institute for Agricultural Market Studies. www.IKAR.ru

© 2002-2019  
IKAR. Institute for Agricultural Market Studies
24, Ryazansky str., off. 604, Moscow, Russia
Tel/Fax: +7 (495) 232-9007 | www@ikar.ru |  Feedback

Rambler's Top100 Рейтинг@Mail.ru
Google translate: Google translate: Russian Google translate: German Google translate: French Google translate: Italian Google translate: Portuguese Google translate: Spanish Google translate: Turkish Google translate: Lithuanian Google translate: Chinese Google translate: Korea