US farm markets slumped lower again, on Tuesday, as a broad selloff affected grain and cattle prices, energy markets and others more, on worries about a potential recession.
Thus, corn fell by 0.77%, soybean tumbled 1.17%, soyoil losses were modest, easing 0.04% lower, while soymeal dropped more than 1.3%.
Wheat prices crumbled, with Chicago SRW dropping 1.46%, Kansas City HRW fell 2.24%, and MGEX HRS lost 2.21%.
In Europe, we saw a new low yesterday for wheat, with the corn market following suit.
Meanwhile rapeseed slightly rebounded on the wake of palm and canola.
Oil prices sank more than 5%, closing to five-week low amid US debt default fears.
The Baltic Exchange’s main sea freight index in London, dropped by 1.5%.
On Wall Street, US stock indexes tumbled on banking woes and debt ceiling angst.
The DXY fell by -0.19%, with the dollar falling back from a 3-week high, as weaker-than-expected U.S. JOLTS job openings and factory orders reports knocked T-note yields lower and undercut the dollar.
Notably, Chicago wheat July contract was down 9c/bu to 609.2c/bu;
Kansas wheat Jul contract was down 17c/bu to 740.2c/bu;
Minneapolis wheat Jul contract was down 17.4c/bu to 773.4c/bu;
MATIF wheat Sep contract, was down €6.5/t to €230/t;
Black Sea wheat June contract was down $1.5/t to $272.5/t;
ASX wheat Jul contract, was down A$1 to A$374/t;
US DWI Cash (durum wheat index) was down 3.82c/bu to 805.44c/bu;
1CWAD (Canadian durum) avg reg was down C$3.15/t to C$431.46/t;
EDW (EU durum) Sep contract, was down €7.5/t to €358.5/t;
Chicago corn Jul down 4.4c/bu to 580c/bu;
MATIF corn Jun, was down €5.75/t to €227.75/t;
Soybeans Jul contract down 16.6c/bu to 1410.6c/bu;
Winnipeg canola Jul was up C$4.8/t to C$709.4/t;
MATIF rapeseed Aug contract, was up 2.75/t to €441/t;
Brent crude Jul was down US$3.99 per barrel to $75.32;
WTI crude Jun was down US$4 per barrel to $71.66;
BDI Baltic Dry Index, was down 24 points to 1.552;
Dow Jones was down 367.17 points to 33.684,53;
S&P 500 was down 48.29 points to 4.119,58;
NASDAQ Composite down 132.09 points to 12.080,51;
US dollar index (Jun ’23) was down 0.195 to 101.725;
AUD/USD firmer at US$0.6663;
USD/CAD firmer at $1.3625;
EUR/USD firmer at $1.0999;
USD/RUB firmer at ₽80.1070.
