August 21, 2023 – Market Update

The comment

US farm markets closed out the week with solid gains on Friday.
European grain market also recovered after a depressed week.
Grain traders have been nervous amid escalating tensions between Russia and Ukraine which could disrupt Black Sea crop shipments.
The shift in weather helped corn and soybean markets recovering from multi month lows.
The Saskatchewan Crop Report noted that harvest over the past week was hampered by localised showers.
South American soybean oil FOB basis dropped to all-time lows.
Egypt’s strategic commodities reserves are sufficient to meet consumption needs for several months.
Ukraine in the first half of August exported 820,000 metric tons of grain via its ports on the Danube River.
For marketing year 2023/24, Russian wheat exports have topped 6.6 MMT, a 78% increase from last year.
China’s soybean imports from the United States tumbled 62% in July from a year earlier.
India is negotiating to purchase wheat at a $25 to $40 discount from Russia.
GIWA’s August crop report noted Aussie total grain yield potential had slipped by more than 1Mt in the last few weeks.

The markets

Chicago wheat Sep contract was up 23.6c/bu to 613.2c/bu;
Kansas wheat Sep contract was up 20.4c/bu to 753.4c/bu;
Minneapolis wheat Sep contract was up 15c/bu to 802.6c/bu;
MATIF wheat Sep contract, was up €5/t to €233/t;
ASX wheat Sep contract, was down A$1.5/t to A$392/t;
Black Sea wheat Sep contract was not quoted. The 11 August settlement, for September was up $0.25/t to $245.5/t;
US DWI Cash (durum wheat index) was down 7.36c/bu to 1,067.79c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.20/t to C$524.29/t;
EDW (EU durum) Sep contract, was down €0.5/t to €415.25/t;
Chicago corn Sep was up 6.4c/bu to 479.4c/bu;
MATIF corn Nov was up €4.75/t to €216/t;
Chicago soybeans Sep contract up 26c/bu to 1362.6c/bu;
Winnipeg November canola contract up C$5.3/t to C$800.50/t;
MATIF rapeseed Nov contract, was up €6.25/t to €474.5/t;
Brent crude Oct was up US$0.68 per barrel to $84.80;
WTI crude Oct was up US$0.76 per barrel to $80.66;
BADI (Baltic Dry Index) was up 10 points to 1.237;
Dow Jones was up 25.83 points to 34.500,66;
S&P 500 was down 0.65 points to 4.369,71;
NASDAQ Composite down 26.16 points to 13.290,78;
US dollar index (Sep ’23) was down 0.194 points to 103.276;
AUD/USD weaker at US$0.6402;
USD/CAD firmer at $1.3550;
EUR/USD weaker at $1.0868;
USD/RUB weaker at ₽92.9800.

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

Author: Sandro F. Puglisi

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