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Daily Market Wire – June 2, 2023

US farm markets grabbed solid gains on Thursday.

Corn prices eased slightly in the front month, down 0.25%, but Sep contract jumped 1.55% higher.

Soybeans climbed 2.29% higher, with soymeal rising 2.03%, while soyoil jumped 3.59%.

The wheat complex rose across all three markets, with Chicago SRW finding the biggest boost, moving 2.78% higher.

Kansas City HRW gained 1.52%, while Minneapolis HRS rose 1.15%.

Dry weather forecasts and optimism over US debt ceiling negotiations, boosted grain markets higher.

In Europe, grain prices were mixed with wheat rebounding from multi-month low, while corn closed slightly lower.

Rapeseed rose in the wake of palm and soybean.

Oil prices rose, recovering from two-straight sessions of losses, on US debt ceiling progress, and ahead of an OPEC+ meeting on Sunday.

The Baltic Exchange’s main sea freight index in London fell 4.1% hitting its more than three-month low.

On Wall Street, US stock indexes settled moderately higher, as U.S. default concerns eased, inflation concerns subsided and lower bond yields boosted tech stocks.

The DXY fell -0.74% and posted a 1-week low, on lower T-note yields, and the May ISM manufacturing index which contracted more than expected.

Notably, Chicago wheat July contract was up 16.4c/bu to 610.6c/bu;

Kansas wheat Jul contract was up 12c/bu to 802.4c/bu;

Minneapolis wheat Jul contract was up 9c/bu to 789c/bu;

MATIF wheat Sep contract, was up €2.5/t to €220.75/t;

Black Sea wheat Jul contract was unchanged to $252.75/t;

ASX wheat Jul contract, was up A$9/t to A$379/t;

US DWI Cash (durum wheat index) was down 2.94c/bu to 786.18c/bu;

1CWAD (Canadian durum wheat) avg reg was down C$2.94/t to C$394.90/t;

EDW (EU durum) Sep contract, was unchanged to €351.75/t;

Chicago corn Jul was down 1.4c/bu to 592.4c/bu;

MATIF corn Aug was down €2.25/t to €213.25/t;

Soybeans Jul contract up 29.6c/bu to 1329.6c/bu;

Winnipeg canola Jul was up C$2/t to C$651.5/t;

MATIF rapeseed Aug contract, was up €4.5/t to €399.75/t;

Brent crude Aug was up US$1.68 per barrel to $74.28;

WTI crude Jul was up US$2.01 per barrel to $70.10;

BDI Baltic Dry Index was down 40 points to 937;

Dow Jones was up 153.30 points to 33.061,57;

S&P 500 was up 41.19 points to 4.221,02;

NASDAQ Composite up 165.70 points to 13.100,98;

US dollar index (Sep ’23) was down 0.738 points to 103.107;

AUD/USD firmer at US$0.6569;

USD/CAD weaker at $1.3449;

EUR/USD firmer at $1.0762;

USD/RUB weaker at ₽80.9997.

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