DAILY MARKET WIRE
December 27, 2023 – Market Update
The comment
US farm markets mostly rose on Tuesday, the first session after the holiday weekend.
Wheat prices climbed to a more than two-week high on renewed concerns over Black Sea supplies.
Corn and soybean markets drew impetus from crude oil.
Wheat prices across the Canadian Prairies slumped during the week ending Dec. 22.
Farmers in Brazil’s main agricultural state Mato Grosso, began harvesting their soybean crop from the 2023/24 cycle.
Recent rains across Argentina’s farming heartland are boosting prospects for the country’s soybean crop.
The euro rose to a 4-1/2 month high vs dollar.
Egypt’s strategic reserves of wheat are sufficient for 4.3 months.
Ukraine has harvested 78.7 million metric tons of grain and oilseeds from the new 2023 harvest so far.
Russia’s grain harvest in 2023 will amount to 142.6 million metric tonnes in net weight.
China’s total soybean imports in November were 7.92 million tons.
Malaysian palm oil prices ticked up, with stronger rival Dalian vegetable oils underpinning the market.
The majority of growers across Western Australian have finished harvesting well before Christmas, the GIWA said.
Wheat prices climbed to a more than two-week high on renewed concerns over Black Sea supplies.
Corn and soybean markets drew impetus from crude oil.
Wheat prices across the Canadian Prairies slumped during the week ending Dec. 22.
Farmers in Brazil’s main agricultural state Mato Grosso, began harvesting their soybean crop from the 2023/24 cycle.
Recent rains across Argentina’s farming heartland are boosting prospects for the country’s soybean crop.
The euro rose to a 4-1/2 month high vs dollar.
Egypt’s strategic reserves of wheat are sufficient for 4.3 months.
Ukraine has harvested 78.7 million metric tons of grain and oilseeds from the new 2023 harvest so far.
Russia’s grain harvest in 2023 will amount to 142.6 million metric tonnes in net weight.
China’s total soybean imports in November were 7.92 million tons.
Malaysian palm oil prices ticked up, with stronger rival Dalian vegetable oils underpinning the market.
The majority of growers across Western Australian have finished harvesting well before Christmas, the GIWA said.
The markets
Chicago wheat March ’24 contract was up 20c/bu to 636.2c/bu;
Kansas wheat Mar contract was up 19.6c/bu to 642.6c/bu;
Minneapolis wheat Mar contract was up 15c/bu to 729.2c/bu;
MATIF wheat Mar contract, the market was closed. The latest quote was €222/t;
ASX wheat Jan ’24, the market was closed. The latest quote was A$381/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 15.93c/bu to 883.26c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.33/t to C$444.63/t;
EDW (EU durum) Mar contract, the market was closed. The latest quote was €390/t;
Chicago corn Mar was up 7.2c/bu to 480.2c/bu;
MATIF corn Mar the market was closed. The latest quote was €199.25/t;
Chicago soybeans Jan up 13.4c/bu to 1313.2c/bu;
Winnipeg canola Jan the market was closed. The latest quote was C$645.2/t;
MATIF rapeseed Feb contract, the market was closed. The latest quote was €430.25/t;
Brent crude Feb was up US$2.00 per barrel to $81.07;
WTI crude Feb was up US$2.01 per barrel to $75.57;
BADI (Baltic Dry Index) the market was closed. The latest quote was 2.094;
Dow Jones was up 159.36 points to 37.545,33;
S&P 500 was up 20.12 points to 4.774,75;
NASDAQ Composite up 81.60 points to 15.074,57;
US dollar index (Mar ’24) was down 0.234 points to 101.104;
AUD/USD firmer at US$0.6824;
USD/CAD weaker at $1.3195;
EUR/USD firmer at $1.1042;
USD/RUB weaker at ₽91.6200.
Kansas wheat Mar contract was up 19.6c/bu to 642.6c/bu;
Minneapolis wheat Mar contract was up 15c/bu to 729.2c/bu;
MATIF wheat Mar contract, the market was closed. The latest quote was €222/t;
ASX wheat Jan ’24, the market was closed. The latest quote was A$381/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 15.93c/bu to 883.26c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.33/t to C$444.63/t;
EDW (EU durum) Mar contract, the market was closed. The latest quote was €390/t;
Chicago corn Mar was up 7.2c/bu to 480.2c/bu;
MATIF corn Mar the market was closed. The latest quote was €199.25/t;
Chicago soybeans Jan up 13.4c/bu to 1313.2c/bu;
Winnipeg canola Jan the market was closed. The latest quote was C$645.2/t;
MATIF rapeseed Feb contract, the market was closed. The latest quote was €430.25/t;
Brent crude Feb was up US$2.00 per barrel to $81.07;
WTI crude Feb was up US$2.01 per barrel to $75.57;
BADI (Baltic Dry Index) the market was closed. The latest quote was 2.094;
Dow Jones was up 159.36 points to 37.545,33;
S&P 500 was up 20.12 points to 4.774,75;
NASDAQ Composite up 81.60 points to 15.074,57;
US dollar index (Mar ’24) was down 0.234 points to 101.104;
AUD/USD firmer at US$0.6824;
USD/CAD weaker at $1.3195;
EUR/USD firmer at $1.1042;
USD/RUB weaker at ₽91.6200.
