Daily Market Wire – March 27, 2023

US farm markets ended on a high note, last Friday.

Chicago SRW was up 4%, KC HRW up 3.45%, and MGEX HRS was 1.93% higher.

Corn trended around 1.8% higher.

Soybeans closed around 0.62% higher, soymeal was 1.55% firmer, while soyoil climbed more than 2.1% higher.

For the week, corn prices gained 1.38% from the prior Friday.

Soybeans sank 3.27% for the week, with soymeal dropping 4.48% lower, and bean oil falling 7.29% on the week.

Chicago SRW was down 3.1%, MPLS spring wheat closed down 0.38%, while K.C. rallied 1.47% higher.

In Europe, grain and oilseeds sharply rose on Friday, but fell for the week.

Oil prices settled about 1% lower on Friday, but Brent rose 2.8% in the week, while U.S. crude rose 3.8%.

The BDI edged higher on Friday, but was down about 3% for the week.

On Wall Street, US stock indexes closed moderately higher on Friday, posting gains also for the week, as the Dow rose 1.18% wow, the S&P 500 was up 1.39%, and the Nasdaq Composite lifted 1.66% from prior Friday.

The DXY rose 0.54%, but was 0.58% weaker for the week.

Notably, Chicago wheat May contract was up US26.4 cents to 688.4c/bu;

Kansas wheat May contract was up 28.2c/bu to 848c/bu;

Minneapolis wheat May contract was up 16.2c/bu to 857.4c/bu;

MATIF wheat May contract was up €14.25/t to €259.25/t;

Black Sea wheat Apr contract was down $0.5/t to $290.5/t;

ASX wheat May contract, was down A$5/t to A$381/t;

US DWI Cash (durum wheat index) was unchanged to 853.57c/bu;

1CWAD (Canadian durum) avg reg was down C$1.2/t to C$454.55/t;

EDW (EU durum) May contract was unchanged to €426.25/t;

Chicago corn May up 11.2c/bu to 643c/bu;

MATIF corn Jun was up €11/t to €253.75/t;

Soybeans May contract up 8.6c/bu to 1428.2c/bu;

Winnipeg canola May, was up C$8.4/t to C$743.4/t;

MATIF rapeseed May, was up €20.75/t to €457/t;

Brent crude May was down US$0.92 per barrel to $74.99;

WTI crude May was down US$0.70 per barrel to $69.26;

BDI Baltic Dry Index was up 5 points to 1.489;

Dow Jones was up 132.28 points to 32.237,53;

S&P 500 was up 22.27 points to 3.970,99;

NASDAQ Composite up 37.82 points to 12.767,05;

US dollar index (Jun ’23) was up 0.557 to 102.764;

AUD/USD weaker at US$0.6645;

USD/CAD firmer at $1.3744;

EUR/USD weaker at $1.0759;

USD/RUB firmer at ₽77.2707.