July 3, 2023 – Update

The comment

US farm markets showed a lot of volatility on Friday following the release of USDA acreage and stock reports.
Corn prices crumbled 4.56%.
Soybean prices soared by 5.01%.
The rest of the soy complex also found substantial gains, with soymeal rising 4.02% higher, and soyoil up almost 7% (+6.87%).
Wheat prices were mixed but mostly lower, as Chicago SRW lost 2.57%, Kansas City HRW rose 0.88%, and MGEX HRS fell by 0.68%.
While corn acres were significantly higher than expected, soybean acres were significantly lower.
Thus, soybean prices soared on sharply, while corn suffered the opposite fate.
Wheat prices followed corn prices lower, with sellings partly spurred by an acreage increase in wheat too.
In Europe, grain prices fell between 1% and 2%, while rapeseed rose 3.21%, after USDA’s acreage and quarterly stocks reports were published.
Oil prices settled higher on signs of moderating inflation, but posted fourth straight quarterly decline.
The Baltic Exchange’s main sea freight index in London eased by 1.9%, recording its worst week in four.
On Wall Street, US stock indexes blazed to another rally and the DXY fell 0.41%, after Friday’s reports suggested pressure on inflation may be easing.
US stock indexes closed a winning week, month and first half of the year.

The markets

Chicago wheat July contract was down 16.6c/bu to 636.2c/bu;
Kansas wheat Jul contract was up 7c/bu to 801.2c/bu;
Minneapolis wheat Jul contract was down 5.4c/bu to 802c/bu;
MATIF wheat Sep contract, was down €2.5/t to €230.75/t;
ASX wheat Jul contract, was up $3/t to A$385.5/t;
BlackSea wheat Jul contract was down $0.75/t to $233.5/t;
US DWI Cash (durum wheat index) was down 1.47c/bu to 782.65c/bu;
1CWAD (Canadian durumwheat) avg reg was up C$1.86/t to C$390.49/t;
EDW (EU durum) Sep contract, was up €11.5/t to €359/t;
Chicago corn Jul was down 26.4c/bu to 554.4c/bu;
MATIF corn Aug was down €4.75/t to €230.5/t;
Soybeans Jul contract up 74.2c/bu to 1557.2c/bu;
Winnipeg canola Jul was up C$17.70/t to C$746.9/t;
MATIF rapeseed Aug contract, was up €14/t to €449.75/t;
Brent crude Sep was up US$0.90 per barrel to $75.41;
WTI crude Aug was up US$0.78 per barrel to $70.64;
BADI Baltic Dry Index was down 21 points to 1.091;
Dow Jones was up 285.18 points to 34.407,60;
S&P 500 was up 53.94 points to 4.450,38;
NASDAQ Composite up 196.59 points to 13.787,92;
US dollar index (Sep ’23) was down 0.421 points to 102.587;
AUD/USD firmer at US$0.6655;
USD/CAD weaker at $1.3241;
EUR/USD firmer at $1.0910;
USD/RUB firmer at ₽88.8249.

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

Author: Sandro F. Puglisi

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