July 13, 2023 – Update

The comment

US farm markets spilled lower on Wednesday. Corn prices dropped 3.69%. Soybean prices faded 1.85%. The rest of the soy complex was also in the red, as soyoil closed with 0.45% losses, and soymeal lost 1.27%. Wheat losses were variable, as Chicago SRW tumbled 4.20%, Kansas City HRW fell 1.71%, and MGEX HRS dropped 1.22%. USDA released its latest WASDE report yesterday, offering up generally unfavorable data for traders to digest. In Europe, grain markets were mixed, with wheat declining sharply following FranceAgriMer and USDA reports, while corn only managed to hold marginal gains in the front month. Rapeseed extended its gains on the heels of canola and other oils higher. Oil prices settled up about 1%, as mild US inflation data spurred hopes the Fed may have fewer interest rate hikes in store. The Baltic Exchange’s main sea freight index in London rose for a fourth straight session, up 5.4% on the day. On Wall Street, US stock indexes rallied, after U.S. June consumer prices slowed more than expected, increasing speculation the Fed is nearing the end of rate hikes. The DXI plunged by -1.19% and posted a 14-1/2 month low, with the dollar sinking on weaker-than-expected U.S. June CPI report.

The markets

Chicago wheat Sep contract was down 27.6c/bu to 632.60c/bu;
Kansas wheat Sep contract was down 14c/bu to 803c/bu;
Minneapolis wheat Sep contract was down 10.4c/bu to 853.4c/bu;
MATIF wheat Sep contract, was down €4.5/t to €227.75/t;
ASX wheat Sep contract, was up A$2.5/t to A$383.5/t;
Black Sea wheat Aug contract was down $1.25/t to $233.25/t;
US DWI Cash (durum wheat index) was up 8.03c/bu to 800.76c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$0.08/t to C$396.15/t;
EDW (EU durum) Sep contract, was up €7.25/t to €360.50/t;
Chicago corn Sep was down 18.2c/bu to 476.2c/bu;
MATIF corn Aug was up €0.75/t to €228.75/t;
Soybeans Aug contract down 27.2c/bu to 1444.2c/bu;
Winnipeg November canola contract was up C$10.4/t to C$797.50/t;
MATIF rapeseed Aug contract, was up €4.25/t to €462.25/t;
Brent crude Sep was up US$0.71 per barrel to $80.11;
WTI crude Aug was up US$0.92 per barrel to $75.75;
BADI (Baltic Dry Index) was up 56 points to 1088;
Dow Jones was up 86.01 points to 34.347,43;
S&P 500 was up 32.90 points to 4.472,16;
NASDAQ Composite up 158.26 points to 13.918,96;
US dollar index (Sep ’23) was down 1.210 points to 101.403;
AUD/USD firmer at US$0.6789;
USD/CAD weaker at $1.3187;
EUR/USD firmer at $1.1130;
USD/RUB weaker at ₽90.4900.

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

Author: Sandro F. Puglisi

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