August 24, 2023 – Market Update

The comment

US farm markets rebounded on Wednesday.
Counts taken as part of the Pro Farmer Crop Tour in Illinois and Iowa showed potential yields increase from last year.
Traders expect StatsCan to report Canadian wheat production at 30.4 MMT.
Argentina’s farmlands planted with corn should reach 7.3 million hectares for the 2023/24 cycle.
French soft wheat exports would rise within the European Union, while non-EU shipments would fall.
Rapeseed production in Ukraine may reach a new historical maximum.
The Russian Federation may harvest the second largest wheat crop in history.
China’s farm ministry said large trials of genetically modified corn and soybeans showed “outstanding” results.
Malaysia maintained its export tax for crude palm oil for September at 8%.
Weekly rainfall for South Australia, Vic and southern NSW were well timed.

The markets

Chicago wheat Sep contract was up 10.6c/bu to 612.4c/bu;
Kansas wheat Sep contract was up 15c/bu to 755c/bu;
Minneapolis wheat Sep contract was up 11c/bu to 784.4c/bu;
MATIF wheat Sep contract, was up €3.25/t to €231.5/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 26.01c/bu to 1,024.14c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.09/t to C$523.93/t;
EDW (EU durum) Sep contract, was down €3/t to €422.25/t;
Chicago corn Sep was up 9.6c/bu to 476.2c/bu;
MATIF corn Nov was up €1.25/t to €216.5/t;
Chicago soybeans Sep up 8c/bu to 1359.4c/bu;
Winnipeg November canola contract up C$10.5/t to C$806.5/t;
MATIF rapeseed Nov contract, was up €6.75/t to €472/t;
Brent crude Oct was down US$0.82 per barrel to $83.21;
WTI crude Oct was down US$0.75 per barrel to $78.89;
BADI (Baltic Dry Index) was down 43 points to 1.151;
Dow Jones was up 184.15 points to 34.472,98;
S&P 500 was up 48.46 points to 4.436,01;
NASDAQ Composite up 215.16 points to 13.721,03;
US dollar index (Sep ’23) was down 0.140 points to 103.333;
AUD/USD firmer at US$0.6480;
USD/CAD weaker at $1.3525;
EUR/USD firmer at $1.0863;
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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