SINGAPORE: Chicago soybeans on Friday were on track for their biggest weekly decline since late March, with a steep fall in Brazil´s currency encouraging farmers there to boost sales of this year´s record crop.
Corn faced a weekly decline after closing almost unchanged last week, although losses were limited by concerns over excessive moisture in parts of the U.S. Midwest. The Chicago Board of Trade most-active soybean contract has given up 1.4 percent this week, the biggest weekly decline since the end of March.
Corn is down almost 1 percent, the first weekly slide in a month, and wheat has lost about 1 percent, taking two-week losses to about 3.2 percent. On Friday, all three markets were trading around half a percent higher. "The Brazilian real´s fall precipitated the fall (in prices) as it directly cuts the competitiveness of U.S. soybeans against those from Brazil," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
The office of the Oil & Gas Development Company Limited in Islamabad. — Facebook/ogdclofficialISLAMABAD: Oil & Gas...
Indus Motor to halt production for a month amid supply chain woes. — The News/FileKARACHI: Ali Asghar Jamali, Chief...
The logo of the International Packaging Films Limited . — Facebook/IPAKFILMSKARACHI: The International Packaging...
An undated image of a gold set displayed at a jewellery store. — AFP/FileKARACHI: Gold prices in the local market...
A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. — AFPLondon:...
We have not developed a policy that checks the promotion of vested interests