August 10, 2023 – Market Update

The comment

US farm markets closed mostly lower on Wednesday.
Weekly EIA data showed a lower output per day during the week ending 8/4.
Grain traveling the US railways for 2023 were still 11.8% below last year’s pace so far.
Manitoba winter wheat harvest reached 60% complete.
Argentina’s Rosario grains exchange issued an upbeat forecast for the 2023/24 soybean and corn harvests.
September wheat on Paris-based Euronext settled 1% lower.
Analyses on Ukrainian wheat already harvested showed a clear deterioration in quality.
Continuous rain has affected almost 2% of the sown area in China’s largest grain producing province.

The markets

Chicago wheat Sep contract was down 21.2c/bu to 635c/bu;
Kansas wheat Sep contract was down 9c/bu to 761.4c/bu;
Minneapolis wheat Sep contract was down 11c/bu to 819.6c/bu;
MATIF wheat Sep contract, was down €2.5/t to €242.25/t;
ASX wheat Sep contract, was up A$5/t to A$399/t;
Black Sea wheat Sep contract was up $0.25/t to $245/t;
US DWI Cash (durum wheat index) was up 1.79c/bu to 1,089.29c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$6.78/t to C$500.26/t;
EDW (EU durum) Sep contract, was down €6.25/t to €427/t;
Chicago corn Sep was down 4.6c/bu to 481c/bu;
MATIF corn Nov was down €0.75/t to €228.25/t;
Chicago soybeans Sep contract up 1.6c/bu to 1355.2c/bu;
Winnipeg November canola contract down C$15/t to C$775.90/t;
MATIF rapeseed Nov contract, was down €5.5/t to €458.25/t;
Brent crude Oct was up US$1.38 per barrel to $87.55;
WTI crude Sep was up US$1.48 per barrel to $84.40;
BADI (Baltic Dry Index) was up 2 points to 1.144;
Dow Jones was down 191.13 points to 35.123,36;
S&P 500 was down 31.67 points to 4.467,71;
NASDAQ Composite down 162.31 points to 13.722,02;
US dollar index (Sep ’23) was down 0.028 points to 102.312;
AUD/USD weaker at US$0.6528;
USD/CAD firmer at $1.3418;
EUR/USD firmer at $1.0974;
USD/RUB weaker at ₽96.8677.

That’s all, thank you.
We wish you a nice day.

Author: Sandro F. Puglisi

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