August 2, 2023 – Update

The comment

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.

The markets

Chicago wheat Sep contract was down 13.4c/bu to 652.2c/bu;
Kansas wheat Sep contract was down 8.2c/bu to 804.4c/bu;
Minneapolis wheat Sep contract was down 1c/bu to 854.6c/bu;
MATIF wheat Sep contract, was down €4/t to €236/t;
ASX wheat Sep contract, was down A$5/t to A$390/t;
Black Sea wheat Sep contract was down $0.5/t to $239.75/t;
US DWI Cash (durum wheat index) was down 57.50c/bu to 975c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$4.35/t to C$480.48/t;
EDW (EU durum) Sep contract, was up €10/t to €453.25/t;
Chicago corn Sep was down 7c/bu to 497c/bu;
MATIF corn Nov was down €3.50/t to €233/t;
Soybeans Sep contract up 16.2c/bu to 1386.6c/bu;
Winnipeg November canola contract was down C$4.9/t to C$779.1/t;
MATIF rapeseed Nov contract, was down €4.25/t to €440.75/t;
Brent crude Oct was down US$0.52 per barrel to $84.91;
WTI crude Sep was down US$0.43 per barrel to $81.37;
BADI (Baltic Dry Index) was up 23 points to 1.150;
Dow Jones was up 71.15 points to 35.630,68;
S&P 500 was down 12.23 points to 4.576,73;
NASDAQ Composite down 62.11 points to 14.283,91;
US dollar index (Sep ’23) was up 0.459 points to 102.085;
AUD/USD weaker at US$0.6613;
USD/CAD firmer at $1.3281;
EUR/USD weaker at $1.0984;
USD/RUB firmer at ₽92.3889.

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

Author: Sandro F. Puglisi

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