August 8, 2023 – Market Update

The comment

US farm markets were mixed on Monday.
Soybeans slumped, and corn followed suit, while wheat prices found variable gains.
AgRural has further increased its estimate for total Brazil’s corn output in 2023, on gigantic second corn crop.
Wheat prices rose on Euronext, turning to levels equivalent to those seen last week.
A blast ripped through grain silos near the port of Derince in northwest Turkey.
The number of vessels in the Ukrainian Danube ports significantly decreased during the week.
Firms raised Russian wheat export forecasts.
China soybean import in July, was up 23.5% from a year ago.
Australia chickpea exports surged in June, while lentils dropped.
Oil prices settled down 1%, after six straight weekly gains.
The Baltic Exchange’s main sea freight index in London rose for a third straight session.
US stock indexes posted moderate gains.
The dollar index rose slightly.

The markets

Chicago wheat Sep contract was up 24.4c/bu to 657.4c/bu;
Kansas wheat Sep contract was up 17.2c/bu to 769.6c/bu;
Minneapolis wheat Sep contract was up 2c/bu to 824.2c/bu;
MATIF wheat Sep contract, was up €6/t to €241.25/t;
ASX wheat Sep contract, was down A$2/t to A$392/t;
Black Sea wheat Sep contract was up $1/t to $244.5/t;
US DWI Cash (durum wheat index) was up 9.42c/bu to 1,030.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$1.43/t to C$492.98/t;
EDW (EU durum) Sep contract, was unchanged to €440.75/t;
Chicago corn Sep was down 2c/bu to 482.2c/bu;
MATIF corn Nov was up €0.75/t to €229/t;
Chicago soybeans Sep contract down 38.6c/bu to 1348.2c/bu;
Winnipeg November canola contract, the market was closed for a public holiday;
MATIF rapeseed Nov contract, was down €7.5/t to €466.25/t;
Brent crude Oct was down US$0.90 per barrel to $85.34;
WTI crude Sep was down US$0.88 per barrel to $81.94;
BADI (Baltic Dry Index) was up 9 points to 1.145;
Dow Jones was up 407.51 points to 35.473,13;
S&P 500 was up 40.41 points to 4.518,44;
NASDAQ Composite up 85.16 points to 13.994,40;
US dollar index (Sep ’23) was up 0.025 points to 101.861;
AUD/USD firmer at US$0.6573;
USD/CAD weaker at $1.3369;
EUR/USD weaker at $1.1002;
USD/RUB weaker at ₽95.6249.

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

Author: Sandro F. Puglisi

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