December 29, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower on Thursday.
Wheat prices, however, showed a relative strength on Black Sea news.
Brazil’s ANEC saw corn exports at 6.96 MMT for Dec; soybean at 3.48 MMT, with soymeal at 2.05 MMT.
Wheat farmers in Argentina have harvested some 70.9% of the expected area.
European wheat prices were hesitant.
Egypt’s imports of wheat surged 30% YoY from Jan 1st to Dec 27th this year.
Egypt’s GASC canceled the international wheat tender after making no purchases.
Cereals production in Turkey increased 9.1% YoY in 2023.
The export of Ukrainian agricultural products by water transport may reach 3.9 mln tonnes by the end of Dec, according to Spike Brokers.
Russia is set to increase fertilizer output by 10% in 2024.
Kazakhstan can supply up to 700 thsd tonnes of wheat duty-free to Iran.
Malaysian palm oil prices fell after two consecutive sessions of gains, weighed down by weakness in Dalian vegetable oils.
Bangladesh’s state grains buyer has purchased about 100,000 metric tons of milling wheat in two international tenders.

The markets

Chicago wheat March ’24 contract was up 8.4c/bu to 631.4c/bu;
Kansas wheat Mar contract was up 8.6c/bu to 643.6c/bu;
Minneapolis wheat Mar contract was up 3.6c/bu to 725.4c/bu;
MATIF wheat Mar contract, was up €0.5/t to €221.75/t;
ASX wheat Jan ’24, was down A$3.5/t to A$381.5/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 0.16c/bu to 892.03c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.10/t to C$444.81/t;
EDW (EU durum) Mar contract, was down €1.5/t to €391/t;
Chicago corn Mar was down 2.2c/bu to 474.2c/bu;
MATIF corn Mar was down €0.25/t to €198.75/t;
Chicago soybeans Jan down 11.4c/bu to 1305.2c/bu;
Winnipeg canola Jan was down C$12.5/t to C$648.2/t;
MATIF rapeseed Feb contract, was up €3.75/t to €440.75/t;
Brent crude Mar was down US$2.39 per barrel to $77.15;
WTI crude Feb was down US$2.34 per barrel to $71.77;
BADI (Baltic Dry Index), the market was closed. The latest quote was 2.094;
Dow Jones was up 53.58 points to 37.710,10;
S&P 500 was up 1.77 points to 4.783,35;
NASDAQ Composite down 4.04 points to 15.095,14;
US dollar index (Mar ’24) was up 0.259 points to 100.913;
AUD/USD weaker at US$0.6826;
USD/CAD firmer at $1.3228;
EUR/USD weaker at $1.1061;
USD/RUB weaker at ₽88.4960.

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

Author: Sandro F. Puglisi

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