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Daily Market Wire – May 26, 2023

US farm markets were mixed on Thursday.

Corn prices worked mostly lower save for the July contract which was up 0.6% for the day.

Beans and meal closed red, down 0.04% and 1.24% respectively, while soybean oil was 1.08% higher at the bell.

Wheats were mixed, as the hard red classes ended in the black, with KC HRW up 0.71%, and MGEX HRS up 0.81%, while Chicago SRW ended with 0.33% losses.

In Europe grain markets were mixed but mostly flat, while rapeseed bounced back in the wake of palm oil.

Oil prices settled lower more than $2 per barrel, after Russia downplayed additional OPEC+ cuts.

The Baltic Exchange’s main sea freight index in London fell 6.2%, continuing to slump across all vessel segments.

On Wall Street US stock indexes settled mixed, as a +24% surge in Nvidia led technology stocks higher, while the resolution of the U.S. debt ceiling remained elusive.

The DXY climbed + 0.36%, as strong U.S. economic reports boosted T-note yields.

Notably, Chicago wheat July contract was down 2c/bu to 604.2c/bu;

Kansas wheat Jul contract was up 5.6c/bu to 818c/bu;

Minneapolis wheat Jul contract was up 6.4c/bu to 805.4c/bu;

MATIF wheat Sep contract, was down €0.25/t to €222.25/t;

Black Sea wheat June contract was down $1.25/t to $259.75/t;

ASX wheat Jul contract, was up A$1/t to A$382.5/t;

US DWI Cash (durum wheat index) was down 1.79c/bu to 804.68c/bu;

1CWAD (Canadian durum) avg reg was down C$0.14/t to C$402.15/t;

EDW (EU durum) Sep contract, was unchanged to €355.5/t;

Chicago corn Jul was up 3.4c/bu to 590.6c/bu;

MATIF corn Jun, was unchanged to €218.75/t;

Soybeans Jul contract down 0.4c/bu to 1324c/bu;

Winnipeg canola Jul was down C$11.9/t to C$686.2/t;

MATIF rapeseed Aug contract, was up 8/t to €407/t;

Brent crude Jul was down US$2.10 per barrel to $76.26;

WTI crude Jul was down US$2.51 per barrel to $71.83;

BDI Baltic Dry Index was down 80 points to 1.215;

Dow Jones was down 35.27 points to 32.764,65;

S&P 500 was up 36.04 points to 4.151,28;

NASDAQ Composite up 213.93 points to 12.698,09;

US dollar index (Jun ’23) was up 0.376 points to 104.175;

AUD/USD weaker at US$0.6505;

USD/CAD firmer at $1.3640;

EUR/USD weaker at $1.0725;

USD/RUB weaker at ₽80.0154.

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