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Commodity - Wheat eases after 2-session rally, market eyes us weather.

Byline: S. Kamal Hayder Kazmi

Chicago wheat futures edged lower on Thursday, easing from a one-month high touched in the previous session, with focus on adverse weather across a key US producing region which could reduce yields.

Soybeans dipped after gaining for the last two sessions while corn was largely unchanged. The most-active wheat contract on the Chicago Board Of Trade gave up 0.4 percent to $4.34-1/4 a bushel by 0348 GMT after hitting its highest since Dec. 4 at $4.37 a bushel on Wednesday. Soybeans fell 0.1 percent to $9.67-1/2 a bushel, having firmed 0.4 percent on Wednesday and corn was unchanged at $3.53 a bushel. The wheat market has drawn support amid sub-zero temperatures across the US Plains and as forecasts for continued dryness raised the prospect of a reduced harvest.

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Publication:Pakistan & Gulf Economist
Date:Jan 14, 2018
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