January 3, 2024 – Market Update

The comment

US farm markets started the 2024’s first session in the red, after a risk off session hit grain prices, on improving SA weather, farmer selling and a higher dollar.
Corn made new contract lows; soybeans slid to their lowest level since June; Chicago wheat prices were slashed by 3.4%.
Rains in northern Brazil are helping to slowly improve moisture and crop conditions, and are expected to remain “very active” this week.
Argentina’s grain belt in 2023 had its wettest Dec since 2009.
European wheat prices ended lower, in the wake of U.S. grains sell off.
Though the exact size of durum wheat for the 2024 is unknown, operators expect a 15-20% increase in Turkish durum wheat plantation.
During Nov–Dec 2023, the railway network of Ukraine recorded a record monthly volume of total cargo in the direction of seaports of Ukraine.
Protecting farmland and promoting grain production are among the goals of a new food security law adopted by China’s National People’s Standing Committee.
Malaysian palm oil prices declined on Tuesday to a more than two-week low.
India’s NFL announced an urea tender closing on January 4th.

The markets

Chicago wheat Mar contract was down 21.2c/bu to 606.6c/bu;
Kansas wheat Mar contract was down 13c/bu to 629c/bu;
Minneapolis wheat Mar contract was down 8.4c/bu to 715c/bu;
MATIF wheat Mar contract, was down €1.5/t to €221/t;
ASX wheat Mar was down A$1/t to A$381/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 10.49c/bu to 883.10c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.3/t to C$445.03/t;
EDW (EU durum) Mar contract, was unchanged to €391/t;
Chicago corn Mar was down 7.4c/bu to 463.6c/bu;
MATIF corn Mar was down €0.75/t to €197.5/t;
Chicago soybeans Mar down 24.4c/bu to 1273.4c/bu;
Winnipeg canola Mar was down C$10.3/t to C$643.1/t;
MATIF rapeseed Feb contract, was down €8.25/t to €429.75/t;
Brent crude Mar was down US$1.15 per barrel to $75.89;
WTI crude Feb was down US$1.27 per barrel to $70.38;
BADI (Baltic Dry Index) was down 1 point to 2.093;
Dow Jones was up 25.50 points to 37.715,04;
S&P 500 was down 27.00 points to 4.742,83;
NASDAQ Composite down 245.41 points to 14.765,94;
US dollar index (Mar ’24) was up 0.862 points to 101.891;
AUD/USD weaker at US$0.6759;
USD/CAD firmer at $1.3321;
EUR/USD weaker at $1.0939;
USD/RUB firmer at ₽90.8390.

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

Author: Sandro F. Puglisi

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