December 4, 2023 – Market Update

The comment

US farm markets were mixed on Friday.
Corn prices grabbed moderate gains, wheat as well; South American rains slashed soybean prices.
Wheat prices across the Canadian Prairies were mixed during the week ended Dec. 1.
Crop watchers have been paring their harvest forecasts for Brazil.
Mostly favorable weather is expected across Argentina’s core growing areas.
European wheat prices rose to a one-week high.
Algeria’s state grains agency OAIC has issued an international tender to purchase a nominal 50,000 metric tonnes of durum wheat.
Ukraine’s grain exports have fallen to around 13.4 MMT so far in the 2023/24 marketing season.
Russia returned to the top five largest grain suppliers to the European Union.
Malaysian palm oil prices posted a second weekly loss on Friday.
India’s palm oil imports in Nov jumped more than a fifth from the previous month.
Aussie wheat markets were mostly sideways at the end of the week.

The markets

Chicago wheat March ’24 contract was up 4.6c/bu to 602.6c/bu;
Kansas wheat Mar contract was up 3.6c/bu to 646.6c/bu;
Minneapolis wheat Mar contract was up 0.6c/bu to 730.2c/bu;
MATIF wheat Mar contract, was up €2.5/t to €228.75/t;
ASX wheat Jan ’24, was up A$5/t to A$398/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 0.87c/bu to 922.10c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.39/t to C$461.01/t;
EDW (EU durum) Mar contract, was unchanged to €395/t;
Chicago corn Mar was up 2c/bu to 484.6c/bu;
MATIF corn Mar was up €0.75/t to €200/t;
Chicago soybeans Jan down 17.6c/bu to 1325c/bu;
Winnipeg canola Jan down C$19.8/t to C$680.5/t;
MATIF rapeseed Feb contract, was down €9.5/t to €441.25/t;
Brent crude Feb was down US$1.98 per barrel to $78.88;
WTI crude Jan was down US$1.89 per barrel to $74.07;
BADI (Baltic Dry Index) was up 255 points to 3.192;
Dow Jones was up 294.61 points to 36.245,50;
S&P 500 was up 26.83 points to 4.594,63;
NASDAQ Composite up 78.81 points to 14.305,03;
US dollar index (Mar ’24) was down 0.233 points to 102.820;
AUD/USD firmer at US$0.6671;
USD/CAD weaker at $1.3489;
EUR/USD weaker at $1.0879;
USD/RUB firmer at ₽91.2098.

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

Author: Sandro F. Puglisi

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