Daily Market Wire – March 8, 2023

US farm markets were mixed but mostly lower on Tuesday.

Corn eased 0.43%, while soybeans faded about 1%.

The rest of the soy complex also slumped lower, with soymeal posting 1.13% losses, while soyoil tumbled nearly 3% lower.

Winter wheats were firmer, with Chicago SRW picking up 0.4% and KC HRW adding 0.19%, while spring wheat incurred in 1.16% losses.

In Europe, all three commodity ag markets on Euronext saw a new sharply decline.

Oil prices fell about $3/bbl.

The BDI rose about 3.2%.

US stocks slumped, while the DXY rallied to a 3-1/4 month high, up 1.18%.

Notably, Chicago wheat May contract was up US2.6 cents to 698c/bu;

Kansas wheat May contract was up 1.4c/bu to 799.2c/bu;

Minneapolis wheat May contract was down 10c/bu to 852.6c/bu;

MATIF wheat May contract was down €1.25/t to €270/t;

Black Sea wheat Apr contract was unchanged to $297.25/t;

ASX wheat May contract, was down A$2/t to A$397/t;

US DWI Cash (durum wheat index) was up 0.28c/bu to 860.97c/bu;

1CWAD (Canadian durum) avg reg was up C$3.39/t to C$463.38/t;

EDW (EU durum) May contract was unch to €427/t;

Chicago corn May down 2.6c/bu to 634.2c/bu;

MATIF corn Jun was down €1.5/t to €265.5/t;

Soybeans May contract down 13.4c/bu to 1515.4c/bu;

Winnipeg canola May, was down C$8.9/t to C$812.9/t;

MATIF rapeseed May, was down €10.25/t to €519.5/t;

Brent crude May was down US$2.89 per barrel to $83.29;

WTI crude Apr was down US$2.88 per barrel to $77.58;

BDI Baltic Dry Index was up 40 points to 1298;

Dow Jones was down 574.98 points to 32.856,46;

S&P 500 was down 62.05 points to 3.986,37;

NASDAQ Composite down 145.41 points to 11.530,33;

US dollar index (Jun ’23) was up 1.224 to 105.212;

AUD/USD weaker at US$0.6582;

USD/CAD firmer at $1.3751;

EUR/USD weaker at $1.0547;

USD/RUB firmer at ₽76.0525.