Posts Tagged ‘Corn futures’

Corn Futures Rose as Weaker Dollar Attract Buyers

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the world.

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Corn Gains as Weaker Dollar, Last Week’s Slump Attract Buyers

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Corn Gains as Weaker Dollar, Last Week’s Slump Attract Buyers:

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Corn futures rose as a weaker dollar and the biggest weekly decline in 13 months attracted investors and importers.

Wheat and soybeans also rose.

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The dollar weakened as much as 0.2 percent against a basket of six major currencies, extending yesterday’s 0.3 percent loss and making U.S. supplies cheaper for importers.

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Nonghyup Feed Inc., South Korea’s biggest buyer of feed grains, bought 165,000 metric tons of corn for delivery between May and June, said two industry executives who took part in the bidding yesterday.

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Speculative net-long positions, the difference between investors’ orders to buy and sell corn, rose to an 18-month high during the four weeks ended Jan. 12, according to the U.S. Commodity Futures Trading Commission data.

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Short positions, or bets prices will fall, reached a three-year low in the week ended Dec. 29.

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In Other major Commodities Updates we can read that Prime Minister’s Economic Advisory Council is going to monitor impact of futures market trading on food price inflation.

Panel to monitor food futures:

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The Prime Minister’s Economic Advisory Council (PMEAC), headed by C Rangarajan, has asked the commodity futures market regulator to provide it with data showing the impact of futures market trading on food price inflation, said BC Khatua, chairman, Forward Markets Commission (FMC).

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FMC regulates commodity futures trading on four national and nineteen regional bourses.

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The government’s logic is that there would be more data to fall back on now since commodity bourses went live in FY05 than when the Abhijit Sen panel was constituted two and a half years after their inception to study the impact of futures trading on food price inflation.

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The blue ribbon panel led by Mr Sen submitted its report in 2008.

The report found no conclusive evidence of a link between futures trading and food price inflation.

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However, the FMC chairman and industry experts have in the past repeatedly drawn the attention of futures market skeptics to the fact that price of items that were banned from futures trading continued to rise even after the ban.

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Items which continue to remain outside the purview of futures trading include rice, tur, urad and sugar.

Items which were relisted are wheat, rubber, soya oil, potato and chana.

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Wholesale price index-based inflation increased by 7.31% in December 2009 from the corresponding month last year.

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Of this, food article inflation – food articles have a 15.4% weight in the wholesale price index–has risen by 19.17%.

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Wheat Sowing Starts, to Gather Pace After Cane Fields Vacated

Hello Friends here we come up with the Latest Major Agri-Commodities updates from various parts of the globe.

Wheat sowing starts, to gather pace after cane fields vacated

Wheat sowing starts, to gather pace after cane fields vacated

 

Wheat sowing starts, to gather pace after cane fields vacated:

Sowing of wheat, the biggest foodgrain grown during the rabi season, has started in some parts of the country.

The crop has been planted in around 25.7 lakh hectare till November 5, almost 9.4% less than the same period last year.

Though wheat sowing has got off to a slow start this year, but still there is not much concern as the delay is mainly due to late harvesting of kharif crops.

Sowing of rapeseed has also started on a weak note and till Thursday, around 3.48 lakh hectares of land has been brought under the crop as against 6.65 lakh hectares sown during the same period last year.

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In Other major Commodities Updates we can see that Mentha oil futures have turned weak and Corn and soybeans have fell for the third straight day.

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Mentha oil futures turn weak:

Mentha oil futures prices fell by 0.30 per cent today as traders indulged in profit-booking at higher prices amid fall in demand in the spot market.

Increased arrivals from producing belts in Uttar Pradesh also put pressure on the prices.

At the MCX counter, mentha oil for November contract declined by 0.30 per cent to Rs 533.60 a kg clocking business volume in 201 lots.

Similarly, mentha oil for delivery in December contract eased by 0.26 per cent to Rs 540.20 a kg in business turnover in 53 lots.

Fall in mentha oil prices was mostly due to profit-taking by speculators and subdued trend in spot markets.

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Corn, Soybeans Fall as Warm, Dry Weather May Speed U.S. Harvest:

Corn and soybeans fell for the third straight day on speculation that warm, dry weather will hasten U.S. harvesting, boosting supplies for food and feed producers.

Weather conducive to field work is expected across the Midwest in the next 15 days.

About 49 percent of U.S. soybeans and 75 percent of the corn remained to be gathered as of Nov. 1, according to government estimates.

Grain and oilseed markets also fell on reduced investment demand for raw materials as an inflation hedge.

The rising unemployment rate is not good news for demand.

Corn futures for December delivery fell 9.5 cents, or 2.5 percent, to $3.67 a bushel on the Chicago Board of Trade.

The decline pared the week’s gain to 0.3 percent, the fourth increase since Oct. 2.

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