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Daily Market Wire – May 24, 2023

US farm markets were mixed but mostly higher on Tuesday.

Wheat prices gathered double-digit gains, with Chicago SRW rising 2.64%, Kansas City HRW gained 1.91%, and MGEX HRS added +1.39%.

Corn prices also trended higher, up 1.14%.

Soybean prices, in contrast, failed to follow suit, drifting 1.4% lower, with soymeal slumping 1.41%, while soyoil tumbled by 2.07%.

In Europe wheat prices rebounded, in an uncertain geopolitical context, while rapeseed slightly rose, in the wake of oil prices higher.

Oil prices rose about 1%, on forecasts for a tighter gasoline market and a warning from the Saudi energy minister.

The Baltic Exchange’s main sea freight index in London slumped to its lowest level in over two-months, down 1.3%.

On Wall Street, US stock indexes posted moderate losses as U.S. debt ceiling talks drag on. 

The DXY rose by +0.30% and posted a 2-month high.

Notably, Chicago wheat July contract was up 16c/bu to 622.2c/bu;

Kansas wheat Jul contract was up 15.6c/bu to 841.4c/bu;

Minneapolis wheat Jul contract was up 11.2c/bu to 820.6c/bu;

MATIF wheat Sep contract, was up €5.75/t to €226.75/t;

Black Sea wheat June contract was unchanged to $263.75/t;

ASX wheat Jul contract, was up A$3/t to A$372/t;

US DWI Cash (durum wheat index) was unchanged to 805.29c/bu;

1CWAD (Canadian durum) avg reg was up C$0.17/t to C$402.07/t;

EDW (EU durum) Sep contract, was down €2/t to €353/t;

Chicago corn Jul was up 6.4c/bu to 577.4c/bu;

MATIF corn Jun, was up €0.75/t to €218.25/t;

Soybeans Jul contract down 18.6c/bu to 1322.4c/bu;

Winnipeg canola Jul was up C$4.2/t to C$701.6/t;

MATIF rapeseed Aug contract, was up 0.5/t to €393.25/t;

Brent crude Jul was up US$0.85 per barrel to $76.84;

WTI crude Jul was up US$0.86 per barrel to $72.91;

BDI Baltic Dry Index was down 17 points to 1.348;

Dow Jones was down 231.07 points to 33.055,51;

S&P 500 was down 47.05 points to 4.145,58;

NASDAQ Composite down 160.53 points to 12.560,24;

US dollar index (Jun ’23) was up 0.306 points to 103.385;

AUD/USD weaker at US$0.6609;

USD/CAD weaker at $1.3503;

EUR/USD weaker at $1.0769;

USD/RUB weaker at ₽80.1478.

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