December 12, 2023 – Market Update

The comment

US farm markets were mixed on Monday with soybeans significantly higher, while wheat prices fell double digits. Corn, meantime, faded moderately lower.
Bulk grain shippers are sailing longer routes and paying higher freight costs to avoid vessel congestion and record-high transit fees in the drought-hit Panama Canal.
Farmers in center-south Brazil have planted 95% of the area expected for their first 2024 corn crop, soybean planting had reached 91% of the expected area as of Thursday.
European wheat prices fell, pressured by a sharp pullback in Chicago, though weakness in the euro and some import tenders helped limiting losses.
The lowest price offered in the international tender from Tunisia’s state grains agency, to purchase 75,000 tons of durum wheat was believed to be $436.89 a tonne c&f, submitted by trading house Casillo.
Algerian state agency ONAB is believed to have bought an unknown volume of animal feed corn expected to be sourced from Argentina and soymeal sourced from optional origins.
The Russian Federation began on Monday state purchase interventions announced for this year.
The lowest offer in an international tender from Bangladesh’s state grains buyer to purchase and import 50,000 metric tons of wheat was assessed at $317.56/t liner out, submitted by trading house Cereal Crops for Russian wheat.
Exports of Malaysian palm oil products for Dec. 1-10 fell to 368,990 metric tons, cargo surveyor said.
Aussie local markets started the week with a softer tone with upcountry values slipping $2-4/t depending on grade.

The markets

Chicago wheat March ’24 contract was down 22.2c/bu to 609.4c/bu;
Kansas wheat Mar contract was down 28.6c/bu to 632.2c/bu;
Minneapolis wheat Mar contract was down 17.6c/bu to 711.6c/bu;
MATIF wheat Mar contract, was down €2/t to €228.25/t;
ASX wheat Jan ’24, was down A$8/t to A$390/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 3.22c/bu to 905.97c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.30/t to C$454.65/t;
EDW (EU durum) Mar contract, was up €2.5/t to €394.5/t;
Chicago corn Mar was down 4c/bu to 481.4c/bu;
MATIF corn Mar was down €0.25/t to €201/t;
Chicago soybeans Jan up 32c/bu to 1336.0c/bu;
Winnipeg canola Jan up C$13.1/t to C$673.1/t;
MATIF rapeseed Feb contract, was up €4.25/t to €445.75/t;
Brent crude Feb was up US$0.19 per barrel to $76.03;
WTI crude Jan was up US$0.09 per barrel to $71.32;
BADI (Baltic Dry Index) was up 26 points to 2.509;
Dow Jones was up 157.06 points to 36.404,93;
S&P 500 was up 18.07 points to 4.622,44;
NASDAQ Composite up 28.51 points to 14.432,49;
US dollar index (Mar ’24) was up 0.070 points to 103.703;
AUD/USD weaker at US$0.6567;
USD/CAD weaker at $1.3573;
EUR/USD firmer at $1.0765;
USD/RUB weaker at ₽91.1202.

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

Author: Sandro F. Puglisi

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