January 4, 2024 – Market Update

The comment

US farm markets ended mixed on Wednesday.
Soybeans recovered from June low; corn also finished slightly higher after setting a contract low; while wheat extended losses to a one-month low.
European wheat prices hit a contract low.
Almost 672.000 tonnes of sunflower oil were exported from Ukraine in December of 2023/24 MY.
The last Russian wheat auction on December 29, posted an average price per ton for 3rd class wheat at 13.9 thousand rubles.
China’s weekly soybean crush volume edged up to 1.8 million mt last week.
A group of South Korean flour mills has issued an international tender to buy an estimated 50,000 metric tons of milling wheat.
South Korea’s Major Feedmill Group has purchased an estimated 68,000 metric tons of animal feed corn in a private deal.
Malaysian palm oil prices fell for the fourth consecutive session, to hit a two-month low.
India’s wheat inventories are likely to remain above the buffer norm on April 1.

The markets

Chicago wheat Mar contract was down 6.4c/bu to 600.2c/bu;
Kansas wheat Mar contract was down 7.4c/bu to 621.4c/bu;
Minneapolis wheat Mar contract was down 6.4c/bu to 708.4c/bu;
MATIF wheat Mar contract, was down €1.75/t to €219.25/t;
ASX wheat Mar was down A$2.3/t to A$378.7/t;
Black Sea wheat has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 8.57c/bu to 891.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.15/t to C$445.18/t;
EDW (EU durum) Mar contract, was unchanged to €391/t;
Chicago corn Mar was up 1.4c/bu to 465.2c/bu;
MATIF corn Mar was down €1/t to €196.5/t;
Chicago soybeans Mar up 3.4c/bu to 1277c/bu;
Winnipeg canola Mar was down C$1.2/t to C$641.9/t;
MATIF rapeseed Feb contract, was up €5.75/t to €435.5/t;
Brent crude Mar was up US$2.36 per barrel to $78.25;
WTI crude Feb was up US$2.32 per barrel to $72.70;
BADI (Baltic Dry Index) was down 2 point to 2.091;
Dow Jones was down 284.85 points to 37.430,19;
S&P 500 was down 38.02 points to 4.704,81;
NASDAQ Composite down 173.73 points to 14.592,21;
US dollar index (Mar ’24) was up 0.304 points to 102.195;
AUD/USD weaker at US$0.6731;
USD/CAD firmer at $1.3353;
EUR/USD weaker at $1.0921;
USD/RUB firmer at ₽91.9868.

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

Author: Sandro F. Puglisi

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