US farm markets were slashed, on Tuesday.
Corn prices dropped 1.66%.
Soybean prices crumbled by 3.05%, with soymeal eroding 2.39% lower, while soyoil was slashed 5.37%.
Wheat prices also took a sharp turn lower, with Chicago SRW falling by 4.06%, Kansas City HRW tumbling 4.33%, and MGEX spring wheat prices losing 3.06%.
In Europe too, we saw a very sharp drop in prices for all ag commodities.
Oil prices fell more than 4% on worries about US debt ceiling, and OPEC+ talks.
The Baltic Exchange’s main sea freight index in London dropped 4.2%, hitting a near three-month low.
On Wall Street US stock indexes settled mixed, as euphoria over debt-ceiling agreement faded.
The DXY fell back from a 2-1/2 month high and posted a small -0.06% loss, as lower T-note yields, weighed on the dollar.
Notably, Chicago wheat July contract was down 25c/bu to 591c/bu;
Kansas wheat Jul contract was down 35.4c/bu to 783.6c/bu;
Minneapolis wheat Jul contract was down 25c/bu to 793c/bu;
MATIF wheat Sep contract, was down €5.5/t to €220.25/t;
Black Sea wheat Jul contract was down $3/t to $253.75/t;
ASX wheat Jul contract, was down A$3.5/t to A$379/t;
US DWI Cash (durum wheat index) was down 1.03c/bu to 805.29c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$0.25/t to C$402.28/t;
EDW (EU durum) Sep contract, was up €3.5/t to €359/t;
Chicago corn Jul was down 10c/bu to 594c/bu;
MATIF corn Aug was down €4.25/t to €215.25/t;
Soybeans Jul contract down 40.6c/bu to 1296.4c/bu;
Winnipeg canola Jul was down C$25.5/t to C$658.2/t;
MATIF rapeseed Aug contract, was down €18/t to €385/t;
Brent crude Jul was down US$3.27 per barrel to $73.71;
WTI crude Jul was down US$3.21 per barrel to $69.46;
BDI Baltic Dry Index was down 49 points to 1.129;
Dow Jones was down 50.56 points to 33.042,78;
S&P 500 was up 0.07 points to 4.205,52;
NASDAQ Composite up 41.74 points to 13.017,43;
US dollar index (Jun ’23) was down 0.058 points to 104.078;
AUD/USD weaker at US$0.6517;
USD/CAD firmer at $1.3601;
EUR/USD firmer at $1.0734;
USD/RUB weaker at ₽75.1793.
