DAILY MARKET WIRE
August 11, 2023 – Market Update
The comment
US farm markets were mostly quiet on Thursday.
All eyes will be on the August WASDE out today.
Weekly export sales were robusted in the week ending Aug. 3.
Commodity funds were net buyers of CBOT soybean, soymeal and corn futures contracts.
Harvest progress in Saskatchewan, showed durum wheat at 1.8% complete.
CONAB has revised up Brazil’s 2022-23 corn crop.
Argentina farmers have finished sowing 6 million hectares of wheat.
Wheat prices on Euronext fell to a near one-week low.
Turkish durum wheat production reached above 4 million mt this year, commercial source said.
A new temporary traffic routes for civilian vessels to and from the Black Sea ports of Ukraine have been announced.
Russia’s agriculture minister said that the country will export 55 million metric tons of grain in 2023.
China floods hit rice and corn crops, triggering food inflation worries.
India rice export ban put market on edge for similar actions by rival suppliers.
There is a more than 95% chance that El Niño conditions will prevail from December 2023 to February 2024.
All eyes will be on the August WASDE out today.
Weekly export sales were robusted in the week ending Aug. 3.
Commodity funds were net buyers of CBOT soybean, soymeal and corn futures contracts.
Harvest progress in Saskatchewan, showed durum wheat at 1.8% complete.
CONAB has revised up Brazil’s 2022-23 corn crop.
Argentina farmers have finished sowing 6 million hectares of wheat.
Wheat prices on Euronext fell to a near one-week low.
Turkish durum wheat production reached above 4 million mt this year, commercial source said.
A new temporary traffic routes for civilian vessels to and from the Black Sea ports of Ukraine have been announced.
Russia’s agriculture minister said that the country will export 55 million metric tons of grain in 2023.
China floods hit rice and corn crops, triggering food inflation worries.
India rice export ban put market on edge for similar actions by rival suppliers.
There is a more than 95% chance that El Niño conditions will prevail from December 2023 to February 2024.
The markets
Chicago wheat Sep contract was up 2.6c/bu to 637.6c/bu;
Kansas wheat Sep contract was up 5.4c/bu to 767c/bu;
Minneapolis wheat Sep contract was down 2.6c/bu to 817c/bu;
MATIF wheat Sep contract, was down €4.75/t to €237.5/t;
ASX wheat Sep contract, was down A$1.5/t to A$397.5/t;
Black Sea wheat Sep contract was up $0.25/t to $245.25/t;
US DWI Cash (durum wheat index) was down 52.79c/bu to 1,036.50c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$4.28/t to C$504.54/t;
EDW (EU durum) Sep contract, was down €6.75/t to €420.25/t;
Chicago corn Sep was up 2.2c/bu to 483.2c/bu;
MATIF corn Nov was down €2.75/t to €225.5/t;
Chicago soybeans Sep contract down 3.2c/bu to 1352c/bu;
Winnipeg November canola contract down C$2.7/t to C$773.20/t;
MATIF rapeseed Nov contract, was up €2.75/t to €461/t;
Brent crude Oct was down US$1.15 per barrel to $86.40;
WTI crude Sep was down US$1.58 per barrel to $82.82;
BADI (Baltic Dry Index) was down 7 points to 1.137;
Dow Jones was up 52.79 points to 35.176,15;
S&P 500 was up 1.12 points to 4.468,83;
NASDAQ Composite up 15.97 points to 13.737,98;
US dollar index (Sep ’23) was up 0.055 points to 102.367;
AUD/USD weaker at US$0.6515;
USD/CAD firmer at $1.3448;
EUR/USD firmer at $1.0981;
USD/RUB firmer at ₽97.3312.
Kansas wheat Sep contract was up 5.4c/bu to 767c/bu;
Minneapolis wheat Sep contract was down 2.6c/bu to 817c/bu;
MATIF wheat Sep contract, was down €4.75/t to €237.5/t;
ASX wheat Sep contract, was down A$1.5/t to A$397.5/t;
Black Sea wheat Sep contract was up $0.25/t to $245.25/t;
US DWI Cash (durum wheat index) was down 52.79c/bu to 1,036.50c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$4.28/t to C$504.54/t;
EDW (EU durum) Sep contract, was down €6.75/t to €420.25/t;
Chicago corn Sep was up 2.2c/bu to 483.2c/bu;
MATIF corn Nov was down €2.75/t to €225.5/t;
Chicago soybeans Sep contract down 3.2c/bu to 1352c/bu;
Winnipeg November canola contract down C$2.7/t to C$773.20/t;
MATIF rapeseed Nov contract, was up €2.75/t to €461/t;
Brent crude Oct was down US$1.15 per barrel to $86.40;
WTI crude Sep was down US$1.58 per barrel to $82.82;
BADI (Baltic Dry Index) was down 7 points to 1.137;
Dow Jones was up 52.79 points to 35.176,15;
S&P 500 was up 1.12 points to 4.468,83;
NASDAQ Composite up 15.97 points to 13.737,98;
US dollar index (Sep ’23) was up 0.055 points to 102.367;
AUD/USD weaker at US$0.6515;
USD/CAD firmer at $1.3448;
EUR/USD firmer at $1.0981;
USD/RUB firmer at ₽97.3312.
