US farm markets suffered heavy losses on Wednesday.
Corn prices lost 3.4%.
Soybean prices lost of 1.98%, with soymeal down 0.37%, and soyoil spilling 2.19% lower.
Most wheat contract faced double-digit declines, with CBOT SRW hitting the hardest, after losing 3.4%, Kansas City HRW dropped by 1.09%, while MGEX spring wheat prices fell by -2.16%.
In Europe, all ag markets also sank.
The extension for the critical Black Sea shipping deal was finally inked, with another 60 days to safely export grains.
That news, along with mostly favorable spring planting weather, and a US large corn sale cancellation, kept global grain prices severely in the red yesterday.
Oil prices settled up about $2 on optimism about US debt ceiling, and oil demand.
The Baltic Exchange’s main sea freight index in London fell about 3.5%, touching its lowest level in nearly a month.
On Wall Street, US stock indexes rallied on hopes for progress on U.S. debt ceiling negotiations.
The DXY rose by +0.31% and posted a 7-week high.
Notably, Chicago wheat July contract was down 22c/bu to 625.4c/bu;
Kansas wheat Jul contract was down 9.6c/bu to 885.4c/bu;
Minneapolis wheat Jul contract was down 19c/bu to 859.6c/bu;
MATIF wheat Sep contract, was down €9/t to €225.5/t;
Black Sea wheat June contract was down $1.75/t to $266.5/t;
ASX wheat Jul contract, was down A$0.5 to A$377.5/t;
US DWI Cash (durum wheat index) was up 5.97c/bu 820.38c/bu;
1CWAD (Canadian durum) avg reg was down C$0.09/t to C$401.50/t;
EDW (EU durum) Sep contract, was up €2.25/t to €358.75/t;
Chicago corn Jul was down 19.6c/bu to 561.4c/bu;
MATIF corn Jun, was down €7.5/t to €219.25/t;
Soybeans Jul contract down 27c/bu to 1337c/bu;
Winnipeg canola Jul was down C$15.1/t to C$714.1/t;
MATIF rapeseed Aug contract, was down 12.25/t to €396.5/t;
Brent crude Jul was up US$2.05 per barrel to $76.96;
WTI crude Jun was up US$1.97 per barrel to $72.83;
BDI Baltic Dry Index was down 51 points to 1.425;
Dow Jones was up 408.63 points to 33.420,77;
S&P 500 was up 48.87 points to 4.158,77;
NASDAQ Composite up 157.51 points to 12.500,57;
US dollar index (Jun ’23) was up 0.322 to 102.726;
AUD/USD firmer at US$0.6659;
USD/CAD weaker at $1.3454;
EUR/USD weaker at $1.0839;
USD/RUB weaker at ₽80.2934.
