Daily Market Wire – June 26, 2023

US farm markets evaporated quickly on Friday.

Corn prices plummeted 4.50% lower.

Soybeans were down 0.4% in the front month, but Aug lost 1%, and Nov contract was 2.2% lower at the bell.

The rest of the soy complex was mixed, as soymeal prices tumbled by 3.3%, while soyoil rebounded with 3,89% gains.

Wheat prices faced variable losses, as Chicago SRW dropped 0.78%, Kansas City HRW fell 1.38%, and MGEX HRS lost 1.73%.

Forecasts for beneficial rains in the U.S. Midwest, lackluster export sales data and weakness in the cash market, dragged grain prices lower.

In Europe grain prices fell, with wheat retreating from a two-month high.

Meanwhile rapeseed tumbled on recession fears, dragged down by crude oil.

Oil prices settled lower, posting a weekly decline, as the recession and demand concerns outweighed signs of supply-side tightness.

The Baltic Exchange’s main sea freight index in London rose for a third consecutive week.

On Wall Street, US stock indexes fell, as recession odds rose after weak PMI reports.

The DXY rose by +0.54% as a weak U.S. stock market increased liquidity demand for the dollar, while weaker than expected Eurozone PMI reports, sparked euro selling.

Notably, Chicago wheat July contract was down 5.6c/bu to 733.2c/bu;

Kansas wheat Jul contract was down 12c/bu to 859c/bu;

Minneapolis wheat Jul contract was down 15.2c/bu to 864.6c/bu;

MATIF wheat Sep contract, was down €4/t to €247/t;

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

Black Sea wheat Jul contract was down $0.50/t to $237/t;

US DWI Cash (durum wheat index) was down 3.30c/bu to 794.12c/bu;

1CWAD (Canadian durum wheat) avg reg was up C$0.27/t to C$391.22/t;

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

Chicago corn Jul was down 29.6c/bu to 630.6c/bu;

MATIF corn Aug was down €2.5/t to €245.25/t;

Soybeans Jul contract down 6c/bu to 1494.4c/bu;

Winnipeg canola Jul was down C$5.80/t to C$734/t;

MATIF rapeseed Aug contract, was down €12.25/t to €431/t;

Brent crude Aug was down US$0.29 per barrel to $73.85;

WTI crude Aug was down US$0.35 per barrel to $69.16;

BDI Baltic Dry Index was up 24 points to 1.240;

Dow Jones was down 219.28 points to 33.727,43;

S&P 500 was down 33.56 points to 4.348,33;

NASDAQ Composite down 138.09 points to 13.492,52;

US dollar index (Sep ’23) was up 0.548 points to 102.542;

AUD/USD weaker at US$0.6676;

USD/CAD firmer at $1.3180;

EUR/USD weaker at $1.0892;

USD/RUB firmer at ₽83.6402.

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