July 3, 2023 – Update

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.