December 28, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower, on Wednesday.
Wheat prices gave back most of the previous session’s gains..
Corn also moved moderately lower, while soybeans firmed slightly..
Weather in Brazil remains on the focus.
Argentinian Govt sent the bill increasing export taxes for corn, wheat, barley, soybean by-products, and sunflower by-products.
European wheat prices eased, corn was flat, while rapeseed offered a new technical rebound.
Egypt’s state grain buyer GASC announced an international tender to purchase 60 thsd tonnes of wheat, FOB basis.
The Ukrainian wheat market is experiencing a price lull .
Sovecon has slightly lowered its forecast for Russia’s 2023/24 wheat exports to 48.6 million metric tons.
The Food Corporation of Kazakhstan is negotiating the export of non-grade grain with a number of countries, including China.
Chinese Ministry of Ag and Rural Affairs listed 26 seed companies that may produce and sell seeds in China.
Malaysian palm oil prices rose for a second session in a row.

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, was down €0.75/t to €221.25/t;
ASX wheat Jan ’24, was up A$4/t to A$385/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 8.93c/bu to 892.19c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.08/t to C$444.71/t;
EDW (EU durum) Mar contract, was up €2.5/t to €392.5/t;
Chicago corn Mar was down 3.6c/bu to 476.4c/bu;
MATIF corn Mar was down €0.25/t to €199/t;
Chicago soybeans Jan up 3.4c/bu to 1316.6c/bu;
Winnipeg canola Jan was up C$15.5/t to C$660.7/t;
MATIF rapeseed Feb contract, was up €6.75/t to €437/t;
Brent crude Mar was down US$1.31 per barrel to $79.54;
WTI crude Feb was down US$1.46 per barrel to $74.11;
BADI (Baltic Dry Index), the market was closed. The latest quote was 2.094;
Dow Jones was up 111.19 points to 37.656,52;
S&P 500 was up 6.83 points to 4.781,58;
NASDAQ Composite up 24.60 points to 15.099,18;
US dollar index (Mar ’24) was down 0.450 points to 100.654;
AUD/USD firmer at US$0.6846;
USD/CAD firmer at $1.3208;
EUR/USD firmer at $1.1105;
USD/RUB firmer at ₽91.6218.

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

Author: Sandro F. Puglisi

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