July 11, 2023 – Update

The comment

US farm markets were mixed but mostly higher on Monday. Corn prices rose 1.03%. Soybeans closed up 1.94%. The rest of the soy complex was also firmer, as soymeal gained 0.74%, while soyoil prices jumped 4.41% higher. Wheat prices, in contrast, were mostly lower, as Chicago SRW dropped 0.50%, Kansas City HRW fell 0.86%, while Minneapolis HRS added 0.29%. Traders remained focused on weather, as statistically between July 15 and July 31 is sees the hottest days of the year. Thus, corn and soybean made solid inroads, though gains were limited on expectations of further rains in the Midwest. Conversely, wheat fell, with Chicago sliding for a third consecutive session to a one-week low due to ample supplies from newly harvested Russian crop, although MGEX spring wheat prices did manage moderate gains. Traders, meantime, are also looking ahead to USDA’s WASDE report, out Wednesday. In Europe grain prices eased, pressured by export competition from Black Sea regions and the start of harvesting in Europe, while oilseeds rallied broadly, with Nov rapeseed settling 2.5% up, on doubts over North American crop conditions, signs of tightening palm oil supply in Malaysia and harvest concerns in Europe. Oil prices dipped 1% on US interest rate fears, but OPEC+ cuts limited fall. The Baltic Exchange’s main sea freight index in London rose by 1.5%, helped by rising rates for the larger vessel segments. On Wall Street, US stock indexes climbed as bond yields fell on signs of lower price pressures. The DXI fell by -0.30% and posted a 2-week low, on weaker-than expected US economic news, lower US T-note yields, and strengthening in yen.

The markets

Chicago wheat Sep contract was down 3.2c/bu to 646.2c/bu;
Kansas wheat Sep contract was down 7c/bu to 811.2c/bu;
Minneapolis wheat Sep contract was up 2.4c/bu to 850.2c/bu;
MATIF wheat Sep contract, was down €2.75/t to €229.25/t;
ASX wheat Sep contract, was up A$0.8/t to A$382.8/t;
Black Sea wheat Aug contract was down $0.50/t to $233.75/t;
US DWI Cash (durum wheat index) was up 3.78c/bu to 792.42c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$5.13/t to C$395.76/t;
EDW (EU durum) Sep contract, was unchanged to €355.25/t;
Chicago corn Sep was up 5c/bu to 492.2c/bu;
MATIF corn Aug was down €1/t to €225.25/t;
Soybeans Aug contract up 27.6c/bu to 1455.4c/bu;
Winnipeg November canola contract was up C$22.7/t to C$781.4 0/t;
MATIF rapeseed Aug contract, was up €10.25/t to €450/t;
Brent crude Sep was down US$0.78 per barrel to $77.69;
WTI crude Aug was down US$0.87 per barrel to $72.99;
BADI (Baltic Dry Index) was up 15 points to 1024;
Dow Jones was up 209.52 points to 33.944,40;
S&P 500 was up 10.58 points to 4.409,53;
NASDAQ Composite up 24.77 points to 13.685,48;
US dollar index (Sep ’23) was down 0.308 points to 101.642;
AUD/USD weaker at US$0.6675;
USD/CAD firmer at $1.3280;
EUR/USD firmer at $1.1001;
USD/RUB weaker at ₽91.0914.

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

Author: Sandro F. Puglisi

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