PARIS/SINGAPORE: US and European wheat futures extended gains on Friday, led by fresh contract highs in Paris, after steep cuts to world supply in a US government report fueled concern about dwindling availability in major export zones.
Corn and soybeans edged up as investors assessed the US Department of Agriculture’s sharper than expected reductions to US yields against the agency’s lower demand projections.
In its widely followed monthly crop outlook on Thursday, the USDA surprised the market by slashing projected world wheat supplies, notably due to a combined 20 million ton cut to expected production in Russia and Canada. The USDA also reduced its estimate of US production to a 19-year low due to adverse weather.
“The market found a new factor of tension with the strong cuts to production in the main exporting countries,” consultancy Agritel said of the USDA report.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.4 percent at $7.64-1/4 a bushel by 11:11 a.m. GMT, near an earlier three-month peak. Euronext futures showed sharper gains, drawing additional strength from weak milling quality in a rain-hit French harvest. December wheat on Euronext was up 2.7 percent at a new life of contract high of 255.50 euros ($300.16) a ton.
Grain group Soufflet said on Thursday only about a third of soft wheat it has collected so far in France was meeting a key milling standard. CBOT corn was up 0.2 percent at $574.50 a bushel, while soybeans added 0.9 percent to $13.53-1/2 a bushel.
Corn had rallied on Thursday on the USDA’s reduced forecast for US yields, although as in soybeans the USDA trimmed demand projections. The export outlook for US soybeans has been clouded by signs of slowing Chinese demand. However, analysts still see global supplies remaining relatively tight.
“Modest demand rationing — especially in soy — may deliver a softer landing for G&O (grains and oilseeds) supplies, but it will be tough to materially raise carry-out (stocks) over the next year or two, raising prices risks for consumers across the board,” Rabobank said in a note.
Wheat hits new highs as USDA stokes world supply worries
https://arab.news/4b2yy
Wheat hits new highs as USDA stokes world supply worries
- Paris wheat at new contract highs, CBOT wheat at new 3-month top
- USDA's steep world supply cuts fuelled rally in wheat market
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
