Daily Market Wire – June 19, 2023

US farm markets grabbed big gains again last Friday.

Corn prices jumped 2.73%.

Soybeans climbed 2.68%, with soymeal bouncing 5.63%, and bean oil rallying 2.16%.

Wheat gains were variable, as Chicago SRW jumped 4.01%, Kansas City HRW climbed 3.60%, and MGEX HRS rose 2.49%.

The weather bull market was extended for another day, ahead of a 3-day weekend, though drought’s footprint looks very different this year compared a year ago.

As for wheat, gains were boosted not only by dry weather, but also by ongoing geopolitical turmoil in the Black Sea region.

In Europe, grain prices rose but ended well below the session highs, while rapeseed jumped 6.4% to close near a two-month top.

Oil prices rose and posted a weekly gain.

The Baltic Exchange’s main sea freight index in London fell 1.7%, snapping its nine-session winning streak.

On Wall Street, US stock indexes retreated as hawkish Fed comments pushed bond yields higher, pressuring technology stocks, and fuelling a long liquidation.

The DXY recovered from a 5-week low and rose by +0.12%.

Notably, Chicago wheat July contract was up 26.4c/bu to 688c/bu;

Kansas wheat Jul contract was up 29.2c/bu to 842c/bu;

Minneapolis wheat Jul contract was up 20.6c/bu to 853.4c/bu;

MATIF wheat Sep contract, was up €3.75/t to €238.75/t;

Black Sea wheat Jul contract was down $1/t to $238.25/t;

ASX wheat Jul contract, up A$3/t to A$384/t;

US DWI Cash (durum wheat index) was up 0.44c/bu to 785.29c/bu;

1CWAD (Canadian durum wheat) avg reg was up C$1.45/t to C$391.18/t;

EDW (EU durum) Sep contract, was unchanged to €362.75/t;

Chicago corn Jul was up 17c/bu to 640.2c/bu;

MATIF corn Aug was up €2.75/t to €237.25/t;

Soybeans Jul contract up 38.20c/bu to 1466.4c/bu;

Winnipeg canola Jul was up C$18.20/t to C$733.30/t;

MATIF rapeseed Aug contract, was up €28.5/t to €473.5/t;

Brent crude Aug was up US$0.94 per barrel to $76.61;

WTI crude Jul was up US$1.16 per barrel to $71.78;

BDI Baltic Dry Index was down 18 points to 1.076;

Dow Jones was down 108.94 points to 34.299,12;

S&P 500 was down 16.25 points to 4.409,59;

NASDAQ Composite down 93.25 points to 13.689,57;

US dollar index (Sep ’23) was up 0.122 points to 101.838;

AUD/USD weaker at US$0.6873;

USD/CAD weaker at $1.3196;

EUR/USD weaker at $1.0941;

USD/RUB firmer at ₽83.8729.

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