August 22, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower on Monday.
Agriculture and Agri-Food Canada (AAFC) cut its 2023-24 all-wheat production forecast by 2.1Mt.
Brazilian farmers had harvested 77% of the area planted for their second corn crop in the center-south region by Aug. 17, consultancy AgRural said.
European wheat prices eased as pre-weekend concerns about war disruption to Black Sea exports subsided.
Turkish Foreign Minister Hakan Fidan could soon visit Moscow to discuss the Black Sea grain deal.
According to the State Customs Service, in 2023/24 MY, as of August 21, Ukraine exported 3.607 mln tonnes of grains and pulses, including 1.333 mln tonnes in August.
To date, Kazakhstan harvested 2.8 mln tonnes of grains.
Malaysian palm oil prices ended at more than a three-week high.
Aussie local markets continued to firm.

The markets

Chicago wheat Sep contract was down 14c/bu to 599.2c/bu;
Kansas wheat Sep contract was down 12.4c/bu to 741c/bu;
Minneapolis wheat Sep contract was down 20.4c/bu to 782.2c/bu;
MATIF wheat Sep contract, was down €3.75/t to €229.25/t;
ASX wheat Sep contract, was down A$0.7/t to A$391.3/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was up 17.41c/bu to 1,085.20c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.16/t to C$524.13/t;
EDW (EU durum) Sep contract, was up €0.5/t to €415.75/t;
Chicago corn Sep was down 10.2c/bu to 469.2c/bu;
MATIF corn Nov was up €0.75/t to €216.75/t;
Chicago soybeans Sep contract up 7.2c/bu to 1370c/bu;
Winnipeg November canola contract up C$8.9/t to C$809.40/t;
MATIF rapeseed Nov contract, was down €5.5/t to €469/t;
Brent crude Oct was down US$0.34 per barrel to $84.46;
WTI crude Oct was down US$0.54 per barrel to $80.12;
BADI (Baltic Dry Index) was down 14 points to 1.223;
Dow Jones was down 36.97 points to 34.463,69;
S&P 500 was up 30.06 points to 4.399,77;
NASDAQ Composite up 206.81 points to 13.497,59;
US dollar index (Sep ’23) was down 0.070 points to 103.206;
AUD/USD firmer at US$0.6414;
USD/CAD weaker at $1.3544;
EUR/USD firmer at $1.0896;
USD/RUB firmer at ₽93.4375.

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

Author: Sandro F. Puglisi

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