August 28, 2023 – Market Update

The comment

US grain markets closed mixed on Friday with corn lower, but soybeans higher.
Wheat fell on export competition.
Canadian wheat exports for shipping week three came in at 278.4k mt.
The return of the El Nino should boost South American soybean production.
European wheat prices edged lower, consolidating below a one-week high.
Egypt started to build seven massive warehouses for strategic commodities.
Ukraine’s Agriculture Ministry reported that 29Mt of grains has been harvested to date so far.
A Russian trade delegation visited the Alexandria Chamber of Commerce on Sunday.
China’s soymeal prices climbed more than 3%.
Malaysian palm oil prices posted a second straight weekly gain.
In Australia, it was another dry week for the northern half of NSW and Qld.

The markets

Chicago wheat Sep contract was down 10.6c/bu to 593.2c/bu;
Kansas wheat Sep contract was up 1c/bu to 754c/bu;
Minneapolis wheat Sep contract was up 1c/bu to 775.6c/bu;
MATIF wheat Sep contract, was down €0.75/t to €233.5/t;
ASX wheat Jan 24, was down A$1/t to A$407/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was down 31.29c/bu to 984c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.56/t to C$523.48/t;
EDW (EU durum) Sep contract, was up €0.5/t to €422.75/t;
Chicago corn Sep was down 1.4c/bu to 470.6c/bu;
MATIF corn Nov was down €1.25/t to €214.75/t;
Chicago soybeans Sep up 15.2c/bu to 1381c/bu;
Winnipeg November canola contract up C$1.4/t to C$811.3/t;
MATIF rapeseed Nov contract, was up €1.75/t to €473.25/t;
Brent crude Oct was up US$1.12 per barrel to $84.48;
WTI crude Oct was up US$0.78 per barrel to $79.83;
BADI (Baltic Dry Index) was down 30 points to 1.080;
Dow Jones was up 247.48 points to 34.346,90;
S&P 500 was up 29.40 points to 4.405,71;
NASDAQ Composite up 126.67 points to 13.590,65;
US dollar index (Sep ’23) was up 0.094 points to 104.013;
AUD/USD weaker at US$0.6402;
USD/CAD firmer at $1.3604;
EUR/USD weaker at $1.0795;
USD/RUB firmer at ₽94.9760.

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

Author: Sandro F. Puglisi

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