August 23, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower on Tuesday.
Analysts are expecting Canada’s all-wheat production will decrease around 10% year-over-year.
Abundant soybean supply and deteriorating domestic crush margins have forced Brazilian exporters to offer December shipments to China
Soft wheat exports from the European Union by Aug. 20 is down 21% on last year. Imports were running up 69% from last season.
Ukraine’s grain exports have reached 3.83 million metric tons so far in the 2023/24 July-June season.
IKAR raised for the second time this month, its forecast for Russia’s 2023 wheat harvest.
Chinese soybean imports for 2023 will probably reach 100 million metric tons.
Indian Food Secretary Sanjeev Chopra on Tuesday said there are no plans to import wheat from Russia under any diplomatic deal.
Aussie line ups data showed there are 3.08Mt of total grain on the stem for August.

The markets

Chicago wheat Sep contract was up 2.4c/bu to 601.6c/bu;
Kansas wheat Sep contract was down 1c/bu to 740c/bu;
Minneapolis wheat Sep contract was down 8.6c/bu to 773.4c/bu;
MATIF wheat Sep contract, was down €1/t to €228.25/t;
ASX wheat Sep contract, was unchanged to A$391.3/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was down 35.05c/bu to 1,050.15c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.11/t to C$524.02/t;
EDW (EU durum) Sep contract, was up €9.5/t to €425.25/t;
Chicago corn Sep was down 2.6c/bu to 466.4c/bu;
MATIF corn Nov was down €1.5/t to €215.25/t;
Chicago soybeans Sep contract down 18.4c/bu to 1351.4c/bu;
Winnipeg November canola contract down C$13.4/t to C$796/t;
MATIF rapeseed Nov contract, was down €3.75/t to €465.25/t;
Brent crude Oct was down US$0.43 per barrel to $84.03;
WTI crude Oct was down US$0.48 per barrel to $79.64;
BADI (Baltic Dry Index) was down 29 points to 1.194;
Dow Jones was down 174.86 points to 34.288,83;
S&P 500 was down 12.22 points to 4.387,55;
NASDAQ Composite up 8.28 points to 13.505,87;
US dollar index (Sep ’23) was up 0.267 points to 103.473;
AUD/USD firmer at US$0.6423;
USD/CAD firmer at $1.3550;
EUR/USD weaker at $1.0845;
USD/RUB firmer at ₽94.2610.

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

Author: Sandro F. Puglisi

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