KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Wheat futures on the Chicago Board of Trade (CBOT) dropped on Monday following weather forecasts predicting much-needed rainfall in the drought-affected US Plains. Analysts noted that rains could help replenish moisture levels in key wheat-growing regions, with the Commodity Weather Group reporting that weekend showers had alleviated winter wheat deficits in the Midwest and Plains.
Corn and soybeans also edged lower, driven by profit-taking after multi-month highs on Friday and a slight uptick in the US dollar, which can make US grains less competitive globally. The CBOT's most-active soybean futures declined by eight cents, settling at $10.22 1/4 per bushel, while wheat fell by seven cents to $5.65 1/2 per bushel, and corn dropped by one cent to $4.30 per bushel.
The US Department of Agriculture recently revealed that farmers grew fewer soybeans and corn this season due to dry conditions, though production levels remain robust, marking the second-largest soy harvest and third-largest corn harvest on record.
Lower crude oil prices, driven by weaker-than-expected demand following China's recent stimulus, also impacted corn and soybean futures due to their connection with renewable fuels, according to Karl Setzer of Consus Ag Consulting.
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