July 14, 2023 – Update

US farm markets after Wednesday’s steep cuts, rebounded on Thursday. Corn prices jumped 3.62%. Soybean prices rose 2.80%. The rest of the soy complex was also firm, with soymeal gaining 2.77%, and soyoil closing up 2.1%. Wheat prices fought through a choppy session, closed with moderate gains. Chicago SRW, indeed, gained 1.11%, Kansas City HRW rose 0.37%, and Minneapolis HRS went home with 0.97% gains. Corn prices bounced on bargain buying after hitting a 2-1/2-year low early in the session while soybeans rose as traders shifted their focus back to uncertain crop weather and worries about supplies. A slump in the dollar, lifted both wheat as well as corn and soybeans, making U.S. grains more competitive globally. In Europe, grain and oilseed markets edged higher, with wheat recovering from a one-week low, as traders weighed up a rising euro, mixed harvest prospects and uncertainty over the Black Sea safe corridor. Oil prices rose about 1.5% nearly 3-month high as US inflation eased. The Baltic Exchange’s main sea freight index in London closed up 1.4%, gaining for a fifth straight session. On Wall Street, US stock indexes moved higher as easing price pressures curbed interest rate concerns. The DXI fell by -0.74% and posted a 15-month low, as US T-note yields continued to retreat.