July 10, 2023 – Update

The comment

US farm markets flipped red on Friday. Corn prices fell 2.35%. Soybeans dropped 1.42%. Soymeal prices ended with 1.32% losses, and soy oil settled 0.65% lower. Chicago SRW lost 1.29%, Kansas City HRW was down by 3.02%, and Minneapolis HRS shaded 1.19%. Corn and soybean prices fell, as beneficial rains came across the Midwest farm belt, and forecasts for more next week. Wheat prices slipped, as peak wheat harvest season is underway across the Northern Hemisphere and despite some of the production issues at play in the U.S., there is already reason to expect a larger global wheat crop this year. In Europe grain and oilseed prices drifted lower on stronger euro, harvest pressure, awaiting fresh news on Black Sea shipping corridor. Oil prices climbed about 3% to a nine-week high on supply concerns, and a weaker dollar. The Baltic Exchange’s main sea freight index in London rose 1.6%, but clocked a second consecutive weekly decline. On Wall Street, US stock indexes ended lower after U.S. job data, and closed with weekly losses. The DXI fell by -0.89% and posted a 2-week low, on weaker-than-expected U.S. Jun nonfarm payrolls report, and signs of wage pressures in Japan, which may prompt the BOJ to adjust its easy policy stance soon.

The markets

Chicago wheat Sep contract was down 8.4c/bu to 649.4c/bu;
Kansas wheat Sep contract was down 25.4c/bu to 818.2c/bu;
Minneapolis wheat Sep contract was down 10.2c/bu to 847.6c/bu;
MATIF wheat Sep contract, was down €1/t to €232/t;
ASX wheat Sep contract, was down A$2.5/t to A$382/t;
Black Sea wheat Aug contract was down $0.25/t to $234.25/t;
US DWI Cash (durum wheat index) was up 0.05c/bu to 788.64c/bu;
1CWAD (Canadian durum wheat) avg reg was down C$0.58/t to C$390.63/t;
EDW (EU durum) Sep contract, was up €6.75/t to €355.25/t;
Chicago corn Sep was down 11.6c/bu to 487.2c/bu;
MATIF corn Aug was down €1.25/t to €226.25/t;
Soybeans Aug contract down 20.4c/bu to 1427.6c/bu;
Winnipeg November canola contract was down C$3.4/t to C$758.7 0/t;
MATIF rapeseed Aug contract, was down €3.75/t to €439.75/t;
Brent crude Sep was up US$1.95 per barrel to $78.47;
WTI crude Aug was up US$2.06 per barrel to $73.86;
BADI (Baltic Dry Index) was up 16 points to 1009;
Dow Jones was down 187.38 points to 33.734,88;
S&P 500 was down 12.64 points to 4.398,95;
NASDAQ Composite down 18.33 points to 13.660,72;
US dollar index (Sep ’23) was down 0.917 points to 101.950;
AUD/USD firmer at US$0.6692;
USD/CAD weaker at $1.3276;
EUR/USD firmer at $1.0968;
USD/RUB firmer at ₽91.2573.

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

Author: Sandro F. Puglisi

My Agile Privacy
Questo sito utilizza cookie tecnici e di profilazione. Cliccando su accetta si autorizzano tutti i cookie di profilazione. Cliccando su rifiuta o la X si rifiutano tutti i cookie di profilazione. Cliccando su personalizza è possibile selezionare quali cookie di profilazione attivare.
Attenzione: alcune funzionalità di questa pagina potrebbero essere bloccate a seguito delle tue scelte privacy