PARIS/SINGAPORE: Chicago wheat futures eased on Thursday as the market took a breather after its biggest one-day rally in a month, with grain markets looking ahead to weekly US export figures for a fresh indication of demand.
Corn and soybeans also edged lower after rising sharply on Wednesday, with large global inventories and a favorable outlook for South America crops capping gains.
The Chicago Board of Trade’s most-active wheat contract gave up 0.7 percent to $4.30-1/2 a bushel by 1125 GMT after Wednesday’s 3 percent rise, the biggest since Dec. 27. Soybeans fell by 0.3 percent to $10.34 a bushel and corn lost 0.3 percent to $3.67 a bushel.
“Cereals found support with the buying stance from funds on both wheat and corn and the decline of the dollar,” consultancy Agritel said in a note. Commodity funds were net buyers of CBOT corn, wheat and soybean futures on Wednesday.
Estimates of net fund buying in corn ranged from 8,000 to 20,000 contracts, in wheat from 4,000 to 14,000 and in soybeans from 4,000 to 10,000. However, ample global supply and worries about potential trade disputes between the new US government and major export clients such as Mexico have tempered price sentiment.
Grain markets will receive another indication of demand from weekly US export sales data due at 1330 GMT. Signs of export demand helped soybeans to rally on Wednesday, suggesting a recent fallback in prices had stirred interest.
For wheat, analysts were playing down the likely impact of winter weather on northern hemisphere crops.
“Four years of surpluses still exert pressure on wheat prices. And all the signs have so far pointed to another high global wheat harvest in 2017/18,” Commerzbank analysts said in a note. Soybeans, which climbed to a six-month high last month, are coming under pressure as weather improves in Argentina, while harvesting in Brazil is on track for a record crop of more than 100 million tons.
Wheat dips after fund-buying rally; corn and soy also lower
Wheat dips after fund-buying rally; corn and soy also lower
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
