DAILY MARKET WIRE
August 30, 2023 – Market Update
The comment
US farm markets retreated into the red with a re-emerging bearish sentiment, on Tuesday.
Canadian farmers are projected to produce more corn and soybeans, but less wheat, canola, barley and oats in 2023.
Brazilian farmers of staples like soybeans and corn are expected to order more fertilizers in the 2023/2024 cycle.
Argentina will resume poultry exports to the EU after export halt due to bird flu.
European wheat fell to a six-week low.
Middle and West Delta Flour Mills posted a 26.65% YoY climb in its net profit.
South Africa total corn output could reach 16.41 MMT this season.
Ukraine’s combined grain and oilseed exportable surplus could total 50 million metric tons.
The domestic wheat market in Russia reversed last week after 10+ weeks of growth.
China’s vegetable oil port stocks were at 2.03 million mt by Aug 25.
Aussie lineups have ended August with 2.92Mt of total grain on the stem.
Canadian farmers are projected to produce more corn and soybeans, but less wheat, canola, barley and oats in 2023.
Brazilian farmers of staples like soybeans and corn are expected to order more fertilizers in the 2023/2024 cycle.
Argentina will resume poultry exports to the EU after export halt due to bird flu.
European wheat fell to a six-week low.
Middle and West Delta Flour Mills posted a 26.65% YoY climb in its net profit.
South Africa total corn output could reach 16.41 MMT this season.
Ukraine’s combined grain and oilseed exportable surplus could total 50 million metric tons.
The domestic wheat market in Russia reversed last week after 10+ weeks of growth.
China’s vegetable oil port stocks were at 2.03 million mt by Aug 25.
Aussie lineups have ended August with 2.92Mt of total grain on the stem.
The markets
Chicago wheat Sep contract was down 18.2c/bu to 569.6c/bu;
Kansas wheat Sep contract was down 23c/bu to 714.4c/bu;
Minneapolis wheat Sep contract was down 9.4c/bu to 755.6c/bu;
MATIF wheat Sep contract, was down €3.5/t to €225.25/t;
ASX wheat Jan 24, was up A$0.5/t to A$407.5/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was unchanged to 978.17c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$1.42/t to C$519.77/t;
EDW (EU durum) Sep contract, was down €8.75/t to €416.25/t;
Chicago corn Sep was down 9c/bu to 469.4c/bu;
MATIF corn Nov was down €1.75/t to €213.75/t;
Chicago soybeans Sep down 13.2c/bu to 1382c/bu;
Winnipeg November canola contract up C$2.7/t to C$811.8/t;
MATIF rapeseed Nov contract, was down €9.5/t to €464.75/t;
Brent crude Oct was up US$1.07 per barrel to $85.49;
WTI crude Oct was up US$1.06 per barrel to $81.16;
BADI (Baltic Dry Index) was up 27 points to 1.107;
Dow Jones was up 292.69 points to 34.852,67;
S&P 500 was up 64.32 points to 4.497,63;
NASDAQ Composite up 238.63 points to 13.943,76;
US dollar index (Sep ’23) was down 0.521 points to 103.471;
AUD/USD firmer at US$0.6480;
USD/CAD weaker at $1.3552;
EUR/USD firmer at $1.0880;
USD/RUB firmer at ₽95.4309.
Kansas wheat Sep contract was down 23c/bu to 714.4c/bu;
Minneapolis wheat Sep contract was down 9.4c/bu to 755.6c/bu;
MATIF wheat Sep contract, was down €3.5/t to €225.25/t;
ASX wheat Jan 24, was up A$0.5/t to A$407.5/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was unchanged to 978.17c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$1.42/t to C$519.77/t;
EDW (EU durum) Sep contract, was down €8.75/t to €416.25/t;
Chicago corn Sep was down 9c/bu to 469.4c/bu;
MATIF corn Nov was down €1.75/t to €213.75/t;
Chicago soybeans Sep down 13.2c/bu to 1382c/bu;
Winnipeg November canola contract up C$2.7/t to C$811.8/t;
MATIF rapeseed Nov contract, was down €9.5/t to €464.75/t;
Brent crude Oct was up US$1.07 per barrel to $85.49;
WTI crude Oct was up US$1.06 per barrel to $81.16;
BADI (Baltic Dry Index) was up 27 points to 1.107;
Dow Jones was up 292.69 points to 34.852,67;
S&P 500 was up 64.32 points to 4.497,63;
NASDAQ Composite up 238.63 points to 13.943,76;
US dollar index (Sep ’23) was down 0.521 points to 103.471;
AUD/USD firmer at US$0.6480;
USD/CAD weaker at $1.3552;
EUR/USD firmer at $1.0880;
USD/RUB firmer at ₽95.4309.
