DAILY MARKET WIRE
December 11, 2023 – Market Update
The comment
US farm markets faced moderate cuts, on Friday.
Corn and soybean suffered moderate cuts following Dec WASDE report, while wheat stumbled lower.
Wheat prices across the Canadian Prairies were mixed during the week ended Dec. 1, with CWR and CPRS wheats grabbing variable gains, while CWAD incurred some losses.
Brazilian crop agency Conab on Thursday reduced the country’s wheat output estimate by around 15%.
Argentina’s crop continued to improve.
European wheat prices edged lower.
Egypt’s state grains buyer, bought 420,000 metric tons of Russian wheat.
Ukraine’s farm ministry raised its 2023 grain harvest forecast to 59.7 MMT, saying the country had achieved a record grain yield.
China’s grain output rose 1.3 percent year on year to a record high of 695.41 million tonnes in 2023.
Malaysian palm oil prices closed up on Friday, snapping a five-session losing streak.
India’s wheat inventories at state warehouses have dropped to 19 MMT, the lowest in seven years.
Australia exported 1,42 MMT of wheat and durum in October, down 5% from September.
The FAO Food Price Index, averaged 120.4 points in November.
FAO world cereal production in 2023 is now pegged at 2 823 million tonnes, up 0.9% from the previous year.
Corn and soybean suffered moderate cuts following Dec WASDE report, while wheat stumbled lower.
Wheat prices across the Canadian Prairies were mixed during the week ended Dec. 1, with CWR and CPRS wheats grabbing variable gains, while CWAD incurred some losses.
Brazilian crop agency Conab on Thursday reduced the country’s wheat output estimate by around 15%.
Argentina’s crop continued to improve.
European wheat prices edged lower.
Egypt’s state grains buyer, bought 420,000 metric tons of Russian wheat.
Ukraine’s farm ministry raised its 2023 grain harvest forecast to 59.7 MMT, saying the country had achieved a record grain yield.
China’s grain output rose 1.3 percent year on year to a record high of 695.41 million tonnes in 2023.
Malaysian palm oil prices closed up on Friday, snapping a five-session losing streak.
India’s wheat inventories at state warehouses have dropped to 19 MMT, the lowest in seven years.
Australia exported 1,42 MMT of wheat and durum in October, down 5% from September.
The FAO Food Price Index, averaged 120.4 points in November.
FAO world cereal production in 2023 is now pegged at 2 823 million tonnes, up 0.9% from the previous year.
The markets
Chicago wheat March ’24 contract was down 10.4c/bu to 631.6c/bu;
Kansas wheat Mar contract was down 6.4c/bu to 661c/bu;
Minneapolis wheat Mar contract was down 7.6c/bu to 729.4c/bu;
MATIF wheat Mar contract, was down €1.75/t to €230.25/t;
ASX wheat Jan ’24, was up A$2/t to A$398/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 0.28c/bu to 909.19c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.05/t to C$454.95/t;
EDW (EU durum) Mar contract, was unchanged to €392/t;
Chicago corn Mar was down 2.4c/bu to 485.4c/bu;
MATIF corn Mar was down €0.5/t to €201.25/t;
Chicago soybeans Jan down 7.6c/bu to 1304.0c/bu;
Winnipeg canola Jan down C$6.6/t to C$660/t;
MATIF rapeseed Feb contract, was up €2.5/t to €441.5/t;
Brent crude Feb was up US$1.79 per barrel to $75.84;
WTI crude Jan was up US$1.89 per barrel to $71.23;
BADI (Baltic Dry Index) was down 12 points to 2.483;
Dow Jones was up 130.49 points to 36.247,87;
S&P 500 was up 18.78 points to 4.604,37;
NASDAQ Composite up 63.98 points to 14.403,97;
US dollar index (Mar ’24) was up 0.484 points to 103.633;
AUD/USD weaker at US$0.6573;
USD/CAD weaker at $1.3577;
EUR/USD weaker at $1.0759;
USD/RUB weaker at ₽92.1481.
Kansas wheat Mar contract was down 6.4c/bu to 661c/bu;
Minneapolis wheat Mar contract was down 7.6c/bu to 729.4c/bu;
MATIF wheat Mar contract, was down €1.75/t to €230.25/t;
ASX wheat Jan ’24, was up A$2/t to A$398/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 0.28c/bu to 909.19c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.05/t to C$454.95/t;
EDW (EU durum) Mar contract, was unchanged to €392/t;
Chicago corn Mar was down 2.4c/bu to 485.4c/bu;
MATIF corn Mar was down €0.5/t to €201.25/t;
Chicago soybeans Jan down 7.6c/bu to 1304.0c/bu;
Winnipeg canola Jan down C$6.6/t to C$660/t;
MATIF rapeseed Feb contract, was up €2.5/t to €441.5/t;
Brent crude Feb was up US$1.79 per barrel to $75.84;
WTI crude Jan was up US$1.89 per barrel to $71.23;
BADI (Baltic Dry Index) was down 12 points to 2.483;
Dow Jones was up 130.49 points to 36.247,87;
S&P 500 was up 18.78 points to 4.604,37;
NASDAQ Composite up 63.98 points to 14.403,97;
US dollar index (Mar ’24) was up 0.484 points to 103.633;
AUD/USD weaker at US$0.6573;
USD/CAD weaker at $1.3577;
EUR/USD weaker at $1.0759;
USD/RUB weaker at ₽92.1481.
