Friday, May 24, 2024

US Soyabean Futures Rose

US soyabean futures rose on Monday, snapping a streak of three straight negative sessions, on technical buying and worries that delays in the South American harvest will further slow delivery of supplies from Argentina and Brazil, traders said. The soyabean market found support from bargain-hunters after prices on Friday dropped to their lowest level since June.
Wheat futures rose due to strong global demand for US supplies as well as concerns about potential damage to the developing crop in the US Plains from forecasts for a turn to colder weather.

Corn futures edged higher as wet weather in key growing areas across the US Midwest threatened to delay the start of planting this week in places such as Illinois and Iowa.

All three commodities benefited from short covering as prices have fallen sharply during the past two weeks. “More than anything, it was just short covering,” said Karl Setzer, market analyst for MaxYield Co-operative. “We really kind of pounded the grains last week. We have ever since we came out with the (quarterly) stocks report.”

Chicago Board of Trade May soft red winter wheat futures ended 13-1/2 cents higher at $7.12-1/2 a bushel. Prices rose through resistance at the 30-day moving average early in Monday’s session, the first time prices surpassed that benchmark since the US Agriculture Department’s bearish quarterly stocks report on March 28.
Hard red winter wheat futures at the Kansas City Board of Trade and MGEX spring wheat also posted strong gains. China bought 14 to 16 cargoes of US wheat on Thursday for delivery from June to December, the China National Grain and Oils Information Center, an official think tank, said on Monday. The announcement confirmed rumours that supported wheat prices last week.
“China’s wheat purchase and ongoing US/global crop concerns have the wheat complex supported across the board,” Matt Zeller, director of research at INTL FCStone, said in a research note to clients.
CBOT May soyabeans were 16-1/4 cents higher at $13.78 a bushel. Traders noted some technical buyers entered the market when prices fell near the low end of their 20-day Bollinger range of $13.54-1/4 a bushel during the overnight session. CBOT May corn was 4-1/2 cents higher at $6.33-1/2 a bushel, lagging the gains in soyabeans and wheat due to the unexpected abundance of supplies reported by the USDA in the quarterly stocks report.


Read more



Vegetables calendar for Pakistan

Tomato, Hot pepper, sweet pepper, Brinjal, Cucumber, Okra, Bottle Gourd, Sponge Gourd, Bitter Gourd, Tinda Gourd, Pumpkin, Arum, Potato, Mint, Turmeric, Ginger, Musk Melon, Water...

Rice cultivation area trend in Pakistan from 1993-2017

Rice is one of the major kharif (winter) crop...

How to grow mint at Home | گھر پر پودینہ کیسے اگائیں

گھر پر پودینہ کیسے اگائیں پودینہ ایک خوشبودار اور صحت...

Satellites and SMS help Pakistan’s farmers with smart irrigation

Using knowledge from Nasa, Pakistan’s water analysis agency is...

Pakistan can benefit from ‘straw biomass utilization’ for agriculture: Chinese scientist

Pakistan, as an agricultural nation can manufacture and make the...
Need Help? Chat with Us
Please accept our privacy policy first to start a conversation.