DAILY MARKET WIRE
July 4, 2023 – Update
The comment
US farm markets were mixed but mostly lower on Monday.
Corn prices eased 0.10%.
Soybeans climbed another 1.79%.
The rest of the soy complex was mixed, as soymeal faded 0.53% lower, while soyoil raced about 3.2% higher.
Wheat prices fade lower in all three markets, as Chicago SRW fell 1.42%, Kansas City HRW eased 0.44%, and MGEX HRS dropped 0.95%.
Soybean rallied more following the shockingly low plantings estimate from the USDA on Friday.
Corn prices remained under pressure from a larger-than-expected U.S. corn plantings figure.
Wheat prices were lower, after rumors about the EU being ready to make banking concessions to Russia for the Black Sea corridor.
In Europe, grain prices extended losses with wheat down 2%, as harvests are progressing in many production areas, while rapeseed added 2% to a two-week high, rebounding again in the wake of the soybean and canola higher.
Oil prices settled about 1% lower, as economic jitters outweighed supply cuts.
The Baltic Exchange’s main sea freight index in London recorded its lowest level in two weeks, down 3.1%.
On Wall Street, US stock indexes posted modest gains in a holiday-shortened trading session.
The DXI rose +0.07% on the view the Fed will keep raising interest rates.
Corn prices eased 0.10%.
Soybeans climbed another 1.79%.
The rest of the soy complex was mixed, as soymeal faded 0.53% lower, while soyoil raced about 3.2% higher.
Wheat prices fade lower in all three markets, as Chicago SRW fell 1.42%, Kansas City HRW eased 0.44%, and MGEX HRS dropped 0.95%.
Soybean rallied more following the shockingly low plantings estimate from the USDA on Friday.
Corn prices remained under pressure from a larger-than-expected U.S. corn plantings figure.
Wheat prices were lower, after rumors about the EU being ready to make banking concessions to Russia for the Black Sea corridor.
In Europe, grain prices extended losses with wheat down 2%, as harvests are progressing in many production areas, while rapeseed added 2% to a two-week high, rebounding again in the wake of the soybean and canola higher.
Oil prices settled about 1% lower, as economic jitters outweighed supply cuts.
The Baltic Exchange’s main sea freight index in London recorded its lowest level in two weeks, down 3.1%.
On Wall Street, US stock indexes posted modest gains in a holiday-shortened trading session.
The DXI rose +0.07% on the view the Fed will keep raising interest rates.
The markets
Chicago wheat Sep contract was down 9.2c/bu to 641.6c/bu;
Kansas wheat Sep contract was down 3.4c/bu to 796.4c/bu;
Minneapolis wheat Sep contract was down 7.6c/bu to 809.2c/bu;
MATIF wheat Sep contract, was down €4.5/t to €226.25/t;
ASX wheat Sep contract, was down $7.5/t to A$384/t;
BlackSea wheat Aug contract was down $1.25/t to $234.25/t;
US DWI Cash (durum wheat index) was up 6.10c/bu to 788.75c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$2.51/t to C$387.98/t;
EDW (EU durum) Sep contract, was down €6.5/t to €352.5/t;
Chicago corn Sep was down 0.4c/bu to 488c/bu;
MATIF corn Aug was down €6/t to €224.5/t;
Soybeans Aug contract up 25.6c/bu to 1467.6c/bu;
Winnipeg November canola contract was untraded as Canada was shut for its national day holiday, previous close on Friday was C$736.40/t;
MATIF rapeseed Aug contract, was up €10.25/t to €460/t;
Brent crude Sep was down US$0.76 per barrel to $74.65;
WTI crude Aug was down US$0.85 per barrel to $69.79;
BADI (Baltic Dry Index) was down 23 points to 1.068;
Dow Jones was up 10.87 points to 34.418,47;
S&P 500 was up 5.21 points to 4.455,59;
NASDAQ Composite up 28.85 points to 13.816,77;
US dollar index (Sep ’23) was up 0.067 points to 102.654;
AUD/USD firmer at US$0.6671;
USD/CAD firmer at $1.3246;
EUR/USD weaker at $1.0909;
USD/RUB firmer at ₽89.4886.
Kansas wheat Sep contract was down 3.4c/bu to 796.4c/bu;
Minneapolis wheat Sep contract was down 7.6c/bu to 809.2c/bu;
MATIF wheat Sep contract, was down €4.5/t to €226.25/t;
ASX wheat Sep contract, was down $7.5/t to A$384/t;
BlackSea wheat Aug contract was down $1.25/t to $234.25/t;
US DWI Cash (durum wheat index) was up 6.10c/bu to 788.75c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$2.51/t to C$387.98/t;
EDW (EU durum) Sep contract, was down €6.5/t to €352.5/t;
Chicago corn Sep was down 0.4c/bu to 488c/bu;
MATIF corn Aug was down €6/t to €224.5/t;
Soybeans Aug contract up 25.6c/bu to 1467.6c/bu;
Winnipeg November canola contract was untraded as Canada was shut for its national day holiday, previous close on Friday was C$736.40/t;
MATIF rapeseed Aug contract, was up €10.25/t to €460/t;
Brent crude Sep was down US$0.76 per barrel to $74.65;
WTI crude Aug was down US$0.85 per barrel to $69.79;
BADI (Baltic Dry Index) was down 23 points to 1.068;
Dow Jones was up 10.87 points to 34.418,47;
S&P 500 was up 5.21 points to 4.455,59;
NASDAQ Composite up 28.85 points to 13.816,77;
US dollar index (Sep ’23) was up 0.067 points to 102.654;
AUD/USD firmer at US$0.6671;
USD/CAD firmer at $1.3246;
EUR/USD weaker at $1.0909;
USD/RUB firmer at ₽89.4886.
