July 11, 2023 – Update

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.