Shares in Saudi wholesaler Al Othaim up as it posts higher Q1 profit

RIYADH: Chicago corn futures gained more ground on Wednesday, as adverse weather conditions in key production areas delayed US planting and raised concerns over tightening global supplies.

Wheat prices rose nearly 1 percent, while soybeans ticked higher.

The most-active corn contract on the Chicago Board of Trade was up 0.6 percent at $7.79-3/4 a bushel, as of 0234 GMT. Wheat added 0.9 percent to $11.03 a bushel, soybeans rose 0.5 percent to $15.99-1/2 a bushel.

Gold dips, Silver up

Gold touched a three-month low on Wednesday as an elevated dollar held down prices while investors await US monthly inflation data, which might impact the Federal Reserve’s monetary policy stance and demand for bullion.

Spot gold held its ground at $1,838.55 per ounce, as of 0546 GMT, after falling to its lowest since Feb. 11 earlier in the session, as a relatively strong dollar made greenback-priced bullion less attractive for overseas buyers. 

US gold futures dipped 0.2 percent to $1,836.60. 

Spot silver gained 1.1 percent to $21.48 per ounce, while platinum rose 1.1 percent to $974.56.

Palladium increased 0.2 percent to $2,069.97.

Metals rise

Copper and most of the other industrial metals rose on Wednesday as signs of lower domestic COVID-19 infections in China lifted sentiment, although the demand outlook remained weak due to worries over a global economic slowdown.

Benchmark three-month copper on the London Metal Exchange was up 1.3 percent at $9,346.50 a ton, as of 0531 GMT.

The most-active June copper contract on the Shanghai Futures Exchange was up 0.6 percent at $10,677.00.

LME aluminum gained 1.2 percent to $2,786 a ton, zinc CMZN3 rose 0.6 percent to $3,619, lead was up 0.8 percent at $2,130 and tin climbed 0.6 percent to $35,750.

Graincorp says Black Sea export disruption could last ‘several years’

Australia’s Graincorp, the country’s top grains handler, said disruptions to exports from the Black Sea because of the Ukraine conflict could potentially last several years.

“Whilst it’s very difficult to predict exactly what’s going to happen in the Black Sea, it’s certainly our view that it’s going to be disrupted for a significant period of time,” Graincorp Managing Director Robert Spurway said.

“It could run to several years, given the very disruptive hostilities on the ground in Ukraine, the infrastructure in that country that’s been damaged.”

Ukraine and Russia together account for about 30 percent of the world’s wheat trade.

Spurway was speaking to analysts after the company reported a record half-year result and said it was on track for “an exceptional result” for the full year.

(With input from Reuters)