August 2, 2023 – Update

US farm markets were mixed on Tuesday, as traders continued to closely monitor weather forecasts and fresh supply and demand signals, both in the US and the Black Sea region. Thus, corn prices fell 1.39%, soybeans rose 1.19%, soymeal shifted 1.01% higher, while soyoil was up 2.03%. Wheat prices also were mixed but mostly lower, as Chicago SRW fell 2.03%, Kansas City HRW dropped 1.02%, and Minneapolis HRS eased 0.12%. Corn eased, pressured by expectations that timely rains in August would improve heat-stressed crops. Soybean ended higher after two-sided trade, as export demand optimism won out over forecasts for cooler, wetter weather that had pressured markets. Wheat fell for a fifth session as U.S. harvest progresses, while ongoing competition from Russian supplies diverted attention from war-related risks in the Black Sea export zone. This morning, however, Chicago wheat jumped nearly 4%, rising for the first time in six sessions, while corn gained 2% as attacks on Ukrainian ports in Danube, renewed concerns over supplies. Soybeans rose for a second session on optimism over strong demand. In Europe grain and oilseed markets extended fall on Black Sea competition. Oil prices dipped about 0.5%, on a stronger dollar and signs of profit-taking after July rally. The Baltic Exchange’s main sea freight index in London rose 2% on demand for larger vessels, and climbed to over 1-month high. On Wall Street, US stock indexes settled mixed, pressured from some disappointing quarterly earnings results and higher bond yields. The DXI rose 0.45% on higher bond yields and yen weakness.