Daily Market Wire – March 1, 2023

US farm markets incurred in a round of end-of-month liquidation, on Tuesday.

Corn prices fell 2.06%, and lost 7.3% for the month.

Soybeans declined 2.23% and shedded 3.8% for the month.

The rest of the soy complex was also in the red, with soymeal posting around 3% losses, while soyoil prices faded 0.5% lower.

Wheat prices also declined between 0.2% and 0.6% lower, and posted a monthly drop of 7.3%.

European ag commodity prices also declined.

Oil prices rebounded almost 2%, but Brent fell about 0.7% for the month, while WTI dropped about 2.5%.

The BDI rose 5.9%, and 45.4% for the month.

US stocks fell back on concern global central banks will keep raising rates, while the Dollar Index rose by +0.20%.

Notably, Chicago wheat May contract was down US4.4 cents to 705.4c/bu;

Kansas wheat May contract was down 4.2c/bu to 812.6c/bu;

Minneapolis wheat May contract was down 1.6c/bu to 866.6c/bu;

MATIF wheat May contract was down €2.25/t to €275.75/t;

Black Sea wheat Apr contract was down $1/t to $297.5/t;

ASX wheat May contract, down A$6/t to A$391/t;

US DWI Cash (durum wheat index) was down 24.7c/bu to 864.44c/bu;

1CWAD (Canadian durum) avg reg was up C$0.56/t to C$459.41/t;

EDW (EU durum) May contract was unchanged to €431.75/t;

Chicago corn May contract down 13.2c/bu to 630.2c/bu;

MATIF corn Jun contract was down €2.75/t to €274.5/t;

Soybeans May contract down 33.6c/bu to 1479c/bu;

Winnipeg canola May contract, was down C$5.5/t to C$818.2/t;

MATIF rapeseed May contract was down €14.5/t to €528.25/t;

Brent crude May was up US$1.41 per barrel to $83.45;

WTI crude Apr was up US$1.37 per barrel to $77.05;

BDI Baltic Dry Index was up 55 points to 990;

Dow Jones was down 232.39 points to 32.656,70;

S&P 500 was down 12.09 points to 3.970,15;

NASDAQ Composite down 11.44 points to 11.455,54;

US dollar index (Jun ’23) was up 0.201 to 104.475;

AUD/USD weaker at US$0.6728;

USD/CAD firmer at $1.3645;

EUR/USD weaker at $1.0576;

USD/RUB firmer at ₽75.0439.