August 29, 2023 – Market Update

The comment

Corn and soybean closed up on weather, yield concerns and with new export biz …
Brazilian farmers had harvested 83% of the area planted for their second corn crop by Aug. 24, AgRural said.
European wheat prices fell for a second consecutive session.
Turkey’s President Erdogan is going to meet President Putin in Russia on 8 September, grain deal in focus.
Ukrainian farmers may cut the sown area of winter wheat and barley for 2024 sowing season.
Russian wheat harvest totalled 70.6 million tonnes, as of Aug. 24.
Soybean crushing volume in China may hover 1.8 million-2 million mt for the week of Aug. 28 – Sept. 1.
Exports of Malaysian palm oil products during Aug. 1-25 were seen falling between 4.3% and 7.8% from a month-ago.
Australia has shipped the first barley cargo to China since tariffs imposed in 2020 were lifted earlier this month.

The markets

Chicago wheat Sep contract was down 5.2c/bu to 588c/bu;
Kansas wheat Sep contract was down 16.4c/bu to 737.4c/bu;
Minneapolis wheat Sep contract was down 10.4c/bu to 765.2c/bu;
MATIF wheat Sep contract, was down €4.75/t to €228.75/t;
ASX wheat Jan 24, was unchanged to A$407/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was down 5.83c/bu to 978.17c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$5.13/t to C$518.35/t;
EDW (EU durum) Sep contract, was up €2.25/t to €425/t;
Chicago corn Sep was up 7.6c/bu to 478.4c/bu;
MATIF corn Nov was up €0.75/t to €215.5/t;
Chicago soybeans Sep up 14.2c/bu to 1395.2c/bu;
Winnipeg November canola contract down C$2.2/t to C$809.1/t;
MATIF rapeseed Nov contract, was up €1/t to €472.25/t;
Brent crude Oct was down US$0.06 per barrel to $84.42;
WTI crude Oct was up US$0.27 per barrel to $80.10;
BADI (Baltic Dry Index) the market was closed;
Dow Jones was up 213.08 points to 34.559,98;
S&P 500 was up 27.60 points to 4.433,31;
NASDAQ Composite up 114.48 points to 13.705,13;
US dollar index (Sep ’23) was down 0.021 points to 103.992;
AUD/USD firmer at US$0.6429;
USD/CAD weaker at $1.3599;
EUR/USD firmer at $1.0819;
USD/RUB weaker at ₽94.4903.

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

Author: Sandro F. Puglisi

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