January 2, 2024 – Market Update

The comment

US farm markets incurred mild to moderate losses on the year’s final session.
Corn prices closed down 31% for the year; soybeans dropped 15%; soybean meal was down 18%, and soybean oil dropped 25%.
Kansas City Hard Red Winter wheat slid 28%, Chicago Soft Red Winter wheat 21% and Minneapolis Hard Red Spring wheat 23%.
Wheat prices across the Canadian Prairies were mixed during the week ending Dec. 29.
Argentina weekly crop progress saw wheat harvest at 70% complete by Jan 1, while corn planting reached 69% of the planning area.
European wheat prices edged up on Friday but fell 28% over the year.
Ukraine has harvested 79.2 MMT of grain and oilseeds from the new 2023 harvest.
In the first eleven months of 2023, the production of crude sunflower oil and its fractions in the Russian Federation totaled 6.2 MMT.
Iranian SLAL has issued an international tender to purchase up to 200,000 metric tons of soymeal.
Malaysian palm oil prices staged a rebound and settled higher on Friday, although the benchmark contract logged a second consecutive annual loss.

The markets

Chicago wheat March ’24 contract was down 3.4c/bu to 628c/bu;
Kansas wheat Mar contract was down 1.6c/bu to 642c/bu;
Minneapolis wheat Mar contract was down 2c/bu to 723.4c/bu;
MATIF wheat Mar contract, was up €0.75/t to €222.5/t;
ASX wheat Jan ’24, was down A$0.5/t to A$381/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 1.56c/bu to 893.59c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$2.79/t to C$442.02/t;
EDW (EU durum) Mar contract, was unchanged to €391/t;
Chicago corn Mar was down 3c/bu to 471.2c/bu;
MATIF corn Mar was down €0.5/t to €198.25/t;
Chicago soybeans Jan down 11.6c/bu to 1293.4c/bu;
Winnipeg canola Jan was up C$0.2/t to C$648.4/t;
MATIF rapeseed Feb contract, was down €2.75/t to €438/t;
Brent crude Mar was down US$0.11 per barrel to $77.04;
WTI crude Feb was down US$0.12 per barrel to $71.65;
BADI (Baltic Dry Index), the market was closed. The latest quote was 2.094;
Dow Jones was down 20.56 points to 37.689,54;
S&P 500 was down 13.52 points to 4.769,83;
NASDAQ Composite down 83.78 points to 15.011,35;
US dollar index (Mar ’24) was up 0.116 points to 101.029;
AUD/USD weaker at US$0.6810;
USD/CAD firmer at $1.3243;
EUR/USD weaker at $1.1038;
USD/RUB firmer at ₽89.3510.

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

Author: Sandro F. Puglisi

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