December 18, 2023 – Market Update

The comment

US farm markets rose on Friday.
Wheat prices rallied; corn ended firmer on spillover support from wheat gains; soybeans picked up on higher crush rates and export optimism.
Wheat prices across the Canadian Prairies slumped during the week ending Dec. 15, while AAFC has dramatically increased its 2023-24 non-durum wheat export estimate.
Indigenous protesters in Brazil interrupted hearing on Amazon grain railway.
European wheat market eased slightly on Friday, in a lack of new fundamental elements.
Shipping giants paused Red Sea route as Houthi attacks have intensified.
Saudi Arabia bought 1,353 MMT of wheat at an average price of $284.15/t C&F, the GFSA said.
Ukraine has harvested around 78.3 million metric tons of grain and oilseeds from the 2023 harvest, while exported 15.289 mln tonnes of grains and pulses, as of December 15.
Russia has reduced export duties on wheat and corn for the week of Dec 20-26, while maintaining a zero export tax for barley.
Chinese urea exports to India in the first half of the 2023/24 year starting in April plunged 58% from a year ago; DAP and MAP sales also have slowed in recent months.
Malaysian palm oil prices fell for a fourth consecutive week, hurt by a slowdown in exports, although prices were largely supported on Friday by lower inventories.
The outlook for Australian commodity export earnings for the current fiscal year has improved slightly, though the value will still decline from record highs hit last year.

The markets

Chicago wheat March ’24 contract was up 13.4c/bu to 629.2c/bu;
Kansas wheat Mar contract was up 6.2c/bu to 642.6c/bu;
Minneapolis wheat Mar contract was up 13.4c/bu to 730.6c/bu;
MATIF wheat Mar contract, was down €0.25/t to €222.75/t;
ASX wheat Jan ’24, was unchanged to A$385/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 0.2c/bu to 906.17c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$4.73/t to C$450.61/t;
EDW (EU durum) Mar contract, was unchanged to €389.5/t;
Chicago corn Mar was up 3.6c/bu to 483c/bu;
MATIF corn Mar was down €1/t to €197.75/t;
Chicago soybeans Jan up 1.6c/bu to 1315.6c/bu;
Winnipeg canola Jan down C$6.3/t to C$645.4/t;
MATIF rapeseed Feb contract, was up €1.5/t to €431/t;
Brent crude Feb was down US$0.06 per barrel to $76.55;
WTI crude Jan was down US$0.15 per barrel to $71.43;
BADI (Baltic Dry Index) was down 63 points to 2.348;
Dow Jones was up 56.81 points to 37.305,16;
S&P 500 was down 0.36 points to 4.719,19;
NASDAQ Composite up 52.36 points to 14.813,92;
US dollar index (Mar ’24) was up 0.605 points to 102.183;
AUD/USD firmer at US$0.6700;
USD/CAD weaker at $1.3375;
EUR/USD weaker at $1.0894;
USD/RUB firmer at ₽90.6250.

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

Author: Sandro F. Puglisi

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