US agricultural futures fall

Chicago Board of Trade (CBOT) agricultural futures fell across the board on Monday, led by soybean.

The most active corn contract for July delivery fell 12.75 cents, or 1.62 percent, to settle at 7.72 U.S. dollars per bushel. July wheat lost 15.75 cents, or 1.42 percent, to settle at 10.9275 dollars per bushel. July soybean plunged 36.75 cents, or 2.27 percent, to settle at 15.8525 dollars per bushel.

Stock market falls and improved planting weather are causing pressure on CBOT summer row crops. Chicago-based research company AgResource doubts that the decline will be long-lived. December corn and November soybeans are undervalued relative to known fundamentals amid record large U.S. export sales. Margins for U.S. ethanol, renewable diesel and soybean crushers are strong. AgResource stays bullish with world wheat to be the upside price leader into late May, holding December corn and November soybeans are nearing seasonal lows.

Airline giant IAG, owner of British Airways, said Friday that it narrowed its first-quarter net loss after Covid travel curbs were lifted, and forecast a return to annual profit.

The loss after taxation improved to 787 million euros ($832 million) in the first three months of the year, IAG said in a results statement.

That followed a net loss of 1.1 billion euros in the same part of 2021 when planes were grounded by the coronavirus pandemic.

Revenues more than tripled to 3.4 billion euros.

"The continued easing of government-imposed travel restrictions, particularly in the UK, resulted in improved travel demand, with no noticeable impact from the war in Ukraine," IAG said in the earnings release.

"Quarter one saw strong business travel recovery, with premium leisure remaining strong."

However, airlines generally post losses over the period because it covers the seasonally slower months of the year. IAG added Friday that seasonal low demand, the Omicron Covid variant and rising costs had weighed on its performance.

Yet the overall proportion of seats filled on flights was better than one year ago as bookings accelerated and economies reopened.

"Demand is recovering strongly in line with our previous expectations," said chief executive Luis Gallego.

"We expect to be profitable from the second quarter onwards and for the full year."

The conglomerate also owns Spanish carrier Iberia and Ireland's Aer Lingus among others.

Air travel demand is recovering after Covid curbs were lifted, but airlines still bear the scars of a crisis that crushed demandand sparked vast financial losses and thousands of job cuts worldwide.

China's strict zeroCovid policy has led to a plunge in confidence among European companies operating in the country as supply chains are tangled, revenue projections fall and staff leave, according to a business group survey released on Thursday.

Beijing remains wedded to its strategy of stamping out coronavirus clusters

with lockdowns and mass testing, even as the fastspreading Omicron variant makes this increasingly difficult.

But the European Union Chamber of

Commerce said in a report that the strict containment measures in dozens of Chinese cities, including the financial capital Shanghai, had caused "disruption on an epic scale".

"While the war (in Ukraine) has had an impact on European businesses operating in China, Covid-19 presents a far more immediate challenge and has caused a considerable drop in business confidence," the Chamber added.

Its survey of more than 370 members was conducted in late April.

Nearly a quarter of respondents are now considering moving current or planned investments in China to other marketsmore than doubling from two months ago.

Almost 60 percent decreased their revenue projections for this year, while around a third saw a drop in staffing, results showed.