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Daily Market Wire – June 23, 2023

US farm markets were mixed on Thursday.

Corn prices dropped 1.56%.

Soybeans lost 0.94%,

The rest of the soy complex was mixed, as soymeal tumbled 3.3% lower, while soyoil prices gained 0.25%.

Wheat prices were mostly higher, as Chicago SRW added 0.61%, Kansas City HRW eased 0.31%, while MGE HRS picked up 0.14%.

In Europe grain markets rose again, with geopolitics back in the spotlight, while rapeseed continued losing ground in the wake of other oils.

Oil prices plunged 4% as a bigger-than-expected BOE rate hike prompted worries about the economy and fuel demand.

The Baltic Exchange’s main sea freight index in London jumped 6.9% hitting a more than four-week high.

On Wall Street, US stock indexes saw a rally in key mega-cap tech stocks, despite hawkish commentary by Fed Chair Powell, +50 bp rate hikes both in the UK and Norway, and a jump in 10-year USA T-note yields. 

The DXY rose by +0.31% due to hawkishness global central banks, and on U.S. economic reports that were mildly stronger than expected overall.

Notably, Chicago wheat July contract was up 4.4c/bu to 739c/bu;

Kansas wheat Jul contract was down 2.6c/bu to 871c/bu;

Minneapolis wheat Jul contract was up 1.2c/bu to 880c/bu;

MATIF wheat Sep contract, was up €4/t to €251/t;

ASX wheat Jul contract, was up A$6/t to A$392/t;

Black Sea wheat Jul contract was up $0.25/t to $237.5/t;

US DWI Cash (durum wheat index) was up 6.81c/bu to 797.42c/bu;

1CWAD (Canadian durum wheat) avg reg was down C$0.07/t to C$390.95/t;

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

Chicago corn Jul was down 10.4c/bu to 660.4c/bu;

MATIF corn Aug was up €1.5/t to €246.25/t;

Soybeans Jul contract down 14.20c/bu to 1500.4c/bu;

Winnipeg canola Jul was down C$5.50/t to C$739.80/t;

MATIF rapeseed Aug contract, was down €16.25/t to €443.25/t;

Brent crude Aug was down US$2.98 per barrel to $74.14;

WTI crude Aug was down US$3.02 per barrel to $69.51;

BDI Baltic Dry Index was up 78 points to 1.216;

Dow Jones was down 4.81 points to 33.946,71;

S&P 500 was up 16.20 points to 4.381,89;

NASDAQ Composite up 128.41 points to 13.630,61;

US dollar index (Sep ’23) was up 0.318 points to 101.994;

AUD/USD weaker at US$0.6756;

USD/CAD weaker at $1.3150;

EUR/USD weaker at $1.0956;

USD/RUB weaker at ₽82.6300.

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