US farm markets surged on Thursday.
Corn prices soared 2.55%, flirting with two-month high.
Soybeans closed at a one-month high, up 2.88%.
Soymeal rallied 1.15%, and bean oil bounced 4.41%.
Wheat prices followed the rally in the corn market, as Chicago SRW closed up 4.96%, Kansas City HRW gained 3.44%, and MGE HRS rose 2.90%.
Rising concerns about persistent drought in the Corn Belt, and a weaker dollar, boosted prices of US origins higher, though the global demand remains sluggish.
The soy complex also gleaned strength from the NOPA’s monthly report.
In Europe, grain and oilseeds rebounded, with rapeseed benefiting from the firmness of the veg oils market.
Oil prices rebounded 3%, on strong China refinery data, and weaker US dollar.
The Baltic Exchange’s main sea freight index in London rose for a tenth straight session.
On Wall Street, US stock indexes rallied as weakness in the U.S. labor market knocked bond yields lower and bolstered hopes the Fed may end its rate hike campaign.
The DXY slumped 0.79% and posted a 1-month low, after the ECB raised interest rates by +25 bp and signaled another rate hike in July.
Notably, Chicago wheat July contract was up 31.2c/bu to 661.4c/bu;
Kansas wheat Jul contract was up 27c/bu to 812.6c/bu;
Minneapolis wheat Jul contract was up 23.4c/bu to 832.6c/bu;
MATIF wheat Sep contract, was up €1.75/t to €235/t;
BlackSea wheat Jul contract was up $1/t to $239.25/t;
ASX wheat Jul contract, up A$1/t to A$381/t;
US DWI Cash (durum wheat index) was down 5.15c/bu to 784.85c/bu;
1CWAD (Canadian durumwheat) avg reg was down C$2.35/t to C$389.73/t;
EDW (EU durum) Sep contract, was unchanged to €362.75/t;
Chicago corn Jul was up 15.4c/bu to 623.2c/bu;
MATIF corn Aug was up €1/t to €234.50/t;
Soybeans Jul contract up 40c/bu to 1428.2c/bu;
Winnipeg canola Jul was up C$20.90/t to C$715.10/t;
MATIF rapeseed Aug contract, was up €7.75/t to €445/t;
Brent crude Aug was up US$2.47 per barrel to $75.67;
WTI crude Jul was up US$2.35 per barrel to $70.62;
BDI Baltic Dry Index was up 15 points to 1.094;
Dow Jones was up 428.73 points to 34.408,06;
S&P 500 was up 53.25 points to 4.425,84;
NASDAQ Composite up 156.34 points to 13.782,82;
US dollar index (Sep ’23) was down 0.808 points to 101.716;
AUD/USD firmer at US$0.6882;
USD/CAD weaker at $1.3222;
EUR/USD firmer at $1.0945;
USD/RUB weaker at ₽83.4698.
