US farm markets were mixed but mostly lower on Wednesday.
Corn prices faced double-digit losses, down 0.62%.
Soybean managed modest gains, up 0.55%, with soymeal jumping 2.14%, while soyoil slumped 0.88%.
Wheat prices were shocked, as Chicago SRW dropped 1.75%, Kansas City HRW tumbled 3.93%, and MGEX HRS fell 2.76%.
Forecasts for more rains coming to the central U.S., and a squaring positions by traders ahead of Friday WASDE report from USDA, drove overall trend.
It’s a “Weather Market”.
In Europe, grain prices fell as ample global supplies tempered concerns about a dam collapse in Ukraine and dry weather in Europe, while rapeseed lost ground after sharply rising early in the week.
Oil prices rose about 1%, on weaker greenback and a fall in US crude stocks.
The Baltic Exchange’s main sea freight index in London rose to over 3-month peak on firm demand for larger vessels.
On Wall Street, US stock indexes settled mixed on higher bond yields, and concern about slowing global demand.
The DXY settled slightly lower on expectations of a fed pause.
Notably, Chicago wheat July contract was down 11c/bu to 616.6c/bu;
Kansas wheat Jul contract was down 32.2c/bu to 788c/bu;
Minneapolis wheat Jul contract was down 22.4c/bu to 794c/bu;
MATIF wheat Sep contract, was down €2.25/t to €228/t;
Black Sea wheat Jul contract was down $1.25/t to $250.25/t;
ASX wheat Jul contract, was down A$7/t to A$376.5/t;
US DWI Cash (durum wheat index) was down 0.88c/bu to 795c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$0.05/t to C$392.16/t;
EDW (EU durum) Sep contract, was up €1.25/t to €357/t;
Chicago corn Jul was down 3.6c/bu to 604.2c/bu;
MATIF corn Aug was down €1.25/t to €224.75/t;
Soybeans Jul contract up 7.4c/bu to 1360.6c/bu;
Winnipeg canola Jul was up C$0.30/t to C$670.2/t;
MATIF rapeseed Aug contract, was down €8.5/t to €418/t;
Brent crude Aug was up US$0.66 per barrel to $76.95;
WTI crude Jul was up US$0.79 per barrel to $72.53;
BDI Baltic Dry Index was up 4 points to 1.020;
Dow Jones was up 91.74 points to 33.665,02;
S&P 500 was down 16.33 points to 4.267,52;
NASDAQ Composite down 171.52 points to 13.104,90;
US dollar index (Sep ’23) was down 0.014 points to 103.665;
AUD/USD weaker at US$0.6651;
USD/CAD weaker at $1.3368;
EUR/USD firmer at $1.0698;
USD/RUB firmer at ₽81.5510.
