DAILY MARKET WIRE
December 5, 2023 – Market Update
The comment
US farm markets were mixed on Monday.
Wheat prices rallied on China export biz, while corn ended narrowly mixed.
Soybeans removed Brazil weather premium, and declined to a one-month low.
Canadian farmers will harvest more wheat and canola than was expected several months ago, according to StatCan.
The planting of the 2023/24 soybean crop reached 85% of the estimated area for Brazil as of last Thursday.
European wheat prices rallied to a two-week high.
Iraq’s strategic wheat reserves are sufficient till the end of April 2024.
In November, the export of products from Ukraine by sea and river transport increased by 70.7% compared to the previous month.
Russian wheat export prices rose slightly last week.
China booked its largest purchase of U.S. wheat since at least 2020.
Malaysian palm oil prices fell for a second straight session, hitting its lowest in nearly four weeks.
Australia raised its forecast for winter wheat production by about 100,000 metric tons from a month ago.
Wheat prices rallied on China export biz, while corn ended narrowly mixed.
Soybeans removed Brazil weather premium, and declined to a one-month low.
Canadian farmers will harvest more wheat and canola than was expected several months ago, according to StatCan.
The planting of the 2023/24 soybean crop reached 85% of the estimated area for Brazil as of last Thursday.
European wheat prices rallied to a two-week high.
Iraq’s strategic wheat reserves are sufficient till the end of April 2024.
In November, the export of products from Ukraine by sea and river transport increased by 70.7% compared to the previous month.
Russian wheat export prices rose slightly last week.
China booked its largest purchase of U.S. wheat since at least 2020.
Malaysian palm oil prices fell for a second straight session, hitting its lowest in nearly four weeks.
Australia raised its forecast for winter wheat production by about 100,000 metric tons from a month ago.
The markets
Chicago wheat March ’24 contract was up 17.6c/bu to 620.4c/bu;
Kansas wheat Mar contract was up 11c/bu to 657.6c/bu;
Minneapolis wheat Mar contract was up 6c/bu to 736.2c/bu;
MATIF wheat Mar contract, was up €3/t to €231.75/t;
ASX wheat Jan ’24, was down A$3/t to A$395/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 1.62c/bu to 920.48c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$2.61/t to C$463.62/t;
EDW (EU durum) Mar contract, was unchanged to €395/t;
Chicago corn Mar was up 0.6c/bu to 485.4c/bu;
MATIF corn Mar was up €2.5/t to €202.5/t;
Chicago soybeans Jan down 18.6c/bu to 1306.2c/bu;
Winnipeg canola Jan down C$3.4/t to C$677.1/t;
MATIF rapeseed Feb contract, was up €3.5/t to €444.75/t;
Brent crude Feb was down US$0.85 per barrel to $78.03;
WTI crude Jan was down US$1.03 per barrel to $73.04;
BADI (Baltic Dry Index) was up 154 points to 3.346;
Dow Jones was down 41.06 points to 36.204,44;
S&P 500 was down 24.85 points to 4.569,78;
NASDAQ Composite down 119.54 points to 14.185,49;
US dollar index (Mar ’24) was up 0.457 points to 103.277;
AUD/USD weaker at US$0.6620;
USD/CAD firmer at $1.3536;
EUR/USD weaker at $1.0836;
USD/RUB firmer at ₽91.4944.
Kansas wheat Mar contract was up 11c/bu to 657.6c/bu;
Minneapolis wheat Mar contract was up 6c/bu to 736.2c/bu;
MATIF wheat Mar contract, was up €3/t to €231.75/t;
ASX wheat Jan ’24, was down A$3/t to A$395/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 1.62c/bu to 920.48c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$2.61/t to C$463.62/t;
EDW (EU durum) Mar contract, was unchanged to €395/t;
Chicago corn Mar was up 0.6c/bu to 485.4c/bu;
MATIF corn Mar was up €2.5/t to €202.5/t;
Chicago soybeans Jan down 18.6c/bu to 1306.2c/bu;
Winnipeg canola Jan down C$3.4/t to C$677.1/t;
MATIF rapeseed Feb contract, was up €3.5/t to €444.75/t;
Brent crude Feb was down US$0.85 per barrel to $78.03;
WTI crude Jan was down US$1.03 per barrel to $73.04;
BADI (Baltic Dry Index) was up 154 points to 3.346;
Dow Jones was down 41.06 points to 36.204,44;
S&P 500 was down 24.85 points to 4.569,78;
NASDAQ Composite down 119.54 points to 14.185,49;
US dollar index (Mar ’24) was up 0.457 points to 103.277;
AUD/USD weaker at US$0.6620;
USD/CAD firmer at $1.3536;
EUR/USD weaker at $1.0836;
USD/RUB firmer at ₽91.4944.
