August 9, 2023 – Market Update

The comment

US farm markets were mixed on Tuesday.
Soybean and corn prices edged higher, as investors covered short positions ahead Friday’s WASDE report.
Chicago wheat prices dipped, on concerns about weak demand for U.S. supplies.
Wheat harvest began in the central region of Manitoba.
Brazil’s Conab reported that as at 5 August the 2022-23 first maize harvest was virtually complete and second (safrinha) harvest was 64pc complete.
Euronext’s December contract touched a low of €245/t, and by the end of the session had closed at €253.50/t, near the session high.
Ukraine exported its first million tonnes of wheat in 2023/24 MY.
Weekly Russian grain exports decreased for the first time in six months.
China tipped into deflation, as efforts to stoke recovery faltered.
Indian wheat prices surged to a six-month high.
Aussie grain markets continued to firm yesterday, with the lower AUD assisting new crop bids.

The markets

Chicago wheat Sep contract was down 1.2c/bu to 656.2c/bu;
Kansas wheat Sep contract was up 0.6c/bu to 770.4c/bu;
Minneapolis wheat Sep contract was up 6.4c/bu to 830.6c/bu;
MATIF wheat Sep contract, was up €3.5/t to €244.75/t;
ASX wheat Sep contract, was up A$2/t to A$394/t;
Black Sea wheat Sep contract was up $0.25/t to $244.75/t;
US DWI Cash (durum wheat index) was up 56.83c/bu to 1,087.50c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.5/t to C$493.48/t;
EDW (EU durum) Sep contract, was down €7.5/t to €433.25/t;
Chicago corn Sep was up 3.4c/bu to 485.6c/bu;
MATIF corn Nov was unchanged to €229/t;
Chicago soybeans Sep contract up 5.2c/bu to 1353.4c/bu;
Winnipeg November canola contract down C$6.6/t to C$790.90/t;
MATIF rapeseed Nov contract, was down €2.5/t to €463.75/t;
Brent crude Oct was up US$0.83 per barrel to $86.17;
WTI crude Sep was up US$0.98 per barrel to $82.92;
BADI (Baltic Dry Index) was down 3 points to 1.142;
Dow Jones was down 158.64 points to 35.314,49;
S&P 500 was down 19.06 points to 4.499,38;
NASDAQ Composite down 110.07 points to 13.884,32;
US dollar index (Sep ’23) was up 0.479 points to 102.340;
AUD/USD weaker at US$0.6544;
USD/CAD firmer at $1.3413;
EUR/USD weaker at $1.0956;
USD/RUB firmer at ₽97.1800.

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

Author: Sandro F. Puglisi

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