August 31, 2023 – Market Update

The comment

US farm markets closed mixed after testing solid overnight gains, on Wednesday.
Market players adjusted positions ahead of the end of the month.
The Manitoba Agriculture, Food and Rural Development crop report, for the week ending 27 August noted 2023-24 winter wheat harvest 96pc complete.
Brazil has issued a waiver for early soybean planting in Mato Grosso, now allowed to begin September 1st.
European wheat prices rose, on fresh news for French wheat, from the latest international Egyptian tender.
Egypt’s GASC received 45 bids in its latest wheat purchase tender, with no fewer than 15 suppliers taking part.
Ukraine’s grain exports for the 2023/24 July-June season reached 4.34 million metric tons by Aug. 30.
Russia has harvested more than 105 MMT of grain, so far. Winter sowing has started in 43 regions, and 1.7 MHa have been already sown.
China has bought around 600,000 metric tons of Australian barley since Beijing ended anti-dumping tariffs on the grain earlier this month.
Sri Lanka abolished the permit system previously required for the import of wheat flour.
An unusually dry August has taken a toll on cereal and oilseed crops, with wheat output forecasts revised lower in Australia.

The markets

Chicago wheat Sep contract was up 7c/bu to 576.6c/bu;
Kansas wheat Sep contract was up 4.6c/bu to 719.2c/bu;
Minneapolis wheat Sep contract was down 7c/bu to 748.6c/bu;
MATIF wheat Sep contract, was up €2.5/t to €227.75/t;
ASX wheat Jan 24, was down A$2.5/t to A$405/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was up 1.16 c/bu to 979.33c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.15/t to C$519.92/t;
EDW (EU durum) Sep contract, was down €1.5/t to €414.75/t;
Chicago corn Sep was down 7.6c/bu to 461.6c/bu;
MATIF corn Nov was up €0.25/t to €214/t;
Chicago soybeans Sep down 0.6c/bu to 1381.2c/bu;
Winnipeg November canola contract down C$2.6/t to C$809.2/t;
MATIF rapeseed Nov contract, was up €0.25/t to €465/t;
Brent crude Nov was up US$0.33 per barrel to $85.24;
WTI crude Oct was up US$0.47 per barrel to $81.63;
BADI (Baltic Dry Index) was down 13 points to 1.094;
Dow Jones was up 37.57 points to 34.890,24;
S&P 500 was up 17.24 points to 4.514,87;
NASDAQ Composite up 75.55 points to 14.019,31;
US dollar index (Sep ’23) was down 0.378 points to 103.093;
AUD/USD weaker at US$0.6475;
USD/CAD weaker at $1.3532;
EUR/USD firmer at $1.0923;
USD/RUB firmer at ₽96.1500.

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

Author: Sandro F. Puglisi

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