Daily Market Wire – March 21, 2023

US farm markets were mostly lower, on Monday.

Corn and wheat prices each spilled into the red after the extension of Black Sea shipping deal, with wheat incurring the heaviest losses, as some contracts eroded about 1.4% lower.

Corn prices posted more moderate losses, down 0.2%.

Soybeans, meantime, bucked the overall bearish trend, shifting 0.64% higher.

The rest of the soy complex, however, was mixed, as soyoil moved 0.92% higher, while soymeal faded 0.71% lower.

In Europe, grain and oil-seed markets sank, with rapeseed posting the heaviest losses.

Oil prices rebounded after hitting lowest since 2021.

The BDI edged slightly up.

On Wall Street, US stock indexes closed moderately higher on a rebound in bank stocks as authorities attempted to boost confidence in the banking sector.

The DXY, meantime, fell by -0.41% and posted a 1-month low.

Notably, Chicago wheat May contract was down US9.6 cents to 700.6c/bu;

Kansas wheat May contract was down 6c/bu to 829.6c/bu;

Minneapolis wheat May contract was down 9.2c/bu to 851.4c/bu;

MATIF wheat May contract was down €7.5/t to €258/t;

Black Sea wheat Apr contract was down $0.75/t to $294.25/t;

ASX wheat May contract, was down A$5/t to A$396/t;

US DWI Cash (durum wheat index) was unchanged to 855c/bu;

1CWAD (Canadian durum) avg reg was down C$0.22/t to C$455.93/t;

EDW (EU durum) May contract was unch to €428/t;

Chicago corn May down 1.2c/bu to 633c/bu;

MATIF corn Jun was down €6.75/t to €254.75/t;

Soybeans May contract up 9.4c/bu to 1486c/bu;

Winnipeg canola May, was down C$13/t to C$738.6/t;

MATIF rapeseed May, was down €13.5/t to €453.75/t;

Brent crude May was up US$0.82 per barrel to $73.79;

WTI crude Apr was up US$0.89 per barrel to $67.82;

BDI Baltic Dry Index was up 7 points to 1542;

Dow Jones was up 382.60 points to 32.244,58;

S&P 500 was up 34.93 points to 3.951,57;

NASDAQ Composite up 45.02 points to 11.675,54;

US dollar index (Jun ’23) was down 0.427 to 102.933;

AUD/USD firmer at US$0.6718;

USD/CAD weaker at $1.3664;

EUR/USD firmer at $1.0719; USD/RUB firmer at ₽77.2474.