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Daily Market Wire – June 22, 2023

US farm markets saw a “hot summer” start, on Wednesday, with corn, soybean and wheat prices all rising to multi-month highs.

Corn prices, indeed, jumped 4.23%.

Soybeans closed 2.54% higher at the bell.

The rest of the soy complex was mixed, as soymeal climbed 6.4% higher, while soyoil closed with 6.71% losses.

Wheat prices surged, with Chicago SRW rallying 5.57%, Kansas City HRW rose 4.52%, and MGEX HRS gained 3.50%.

The US weather remains the main driver of this market.

In Europe grain prices soared in the wake of Chicago higher, while rapeseed lost ground on disappointing EPA’s biofuels mandate announcement.

Oil prices rallied as grain markets tightened racing to multi-month highs, while the dollar fell.

The Baltic Exchange’s main sea freight index in London rose by 5.6% to a near four-week high.

On Wall Street, US stock indexes fell, as weakness in high-growth stocks mounted after Chair Powell reiterated Fed hawkish bias, hitting the Nasdaq Composite particularly, which lost 1.21%.

The DXY fell -0.44% near to a 5-week low, despite Powell’s hawkish bias, on a general bearish sentiment.

Notably, Chicago wheat July contract was up 38.6c/bu to 734.4c/bu;

Kansas wheat Jul contract was up 37.6c/bu to 873.6c/bu;

Minneapolis wheat Jul contract was up 29.6c/bu to 878.6c/bu;

MATIF wheat Sep contract, was up €8/t to €247/t;

ASX wheat Jul contract, was unchanged to A$386/t;

Black Sea wheat Jul contract was up $0.25/t to $237.25/t;

US DWI Cash (durum wheat index) was up 5.32c/bu to 790.61c/bu;

1CWAD (Canadian durum wheat) avg reg was down C$0.33/t to C$391.02/t;

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

Chicago corn Jul was up 27.2c/bu to 671c/bu;

MATIF corn Aug was up €4.5/t to €246.25/t;

Soybeans Jul contract up 37.40c/bu to 1514.6c/bu;

Winnipeg canola Jul was down C$0.20/t to C$745.30/t;

MATIF rapeseed Aug contract, was down €9.25/t to €459.5/t;

Brent crude Aug was up US$1.22 per barrel to $77.12;

WTI crude Aug was up US$1.34 per barrel to $72.53;

BDI Baltic Dry Index was up 60 points to 1.138;

Dow Jones was down 102.35 points to 33.951,52;

S&P 500 was down 23.02 points to 4.365,69;

NASDAQ Composite down 165.10 points to 13.502,20;

US dollar index (Sep ’23) was down 0.449 points to 101.676;

AUD/USD firmer at US$0.6796;

USD/CAD weaker at $1.3163;

EUR/USD firmer at $1.0986;

USD/RUB weaker at ₽83.6432.

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