July 14, 2023 – Update

The comment

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.

The markets

Chicago wheat Sep contract was up 7c/bu to 639.60c/bu;
Kansas wheat Sep contract was up 3c/bu to 806c/bu;
Minneapolis wheat Sep contract was up 8.2c/bu to 861.6c/bu;
MATIF wheat Sep contract, was up €1.5/t to €229.25/t;
ASX wheat Sep contract, was down A$7/t to A$376.5/t;
Black Sea wheat Aug contract was unchanged to $233.25/t;
US DWI Cash (durum wheat index) was up 7.27c/bu to 808.03c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$1.03/t to C$397.18/t;
EDW (EU durum) Sep contract, was unchanged to €360.50/t;
Chicago corn Sep was up 17.2c/bu to 493.4c/bu;
MATIF corn Aug was up €1.5/t to €230.25/t;
Soybeans Aug contract up 40.4c/bu to 1484.6c/bu;
Winnipeg November canola contract was up C$16.9/t to C$814.40/t;
MATIF rapeseed Aug contract, was up €11.25/t to €473.5/t;
Brent crude Sep was up US$1.25 per barrel to $81.36;
WTI crude Aug was up US$1.14 per barrel to $76.89;
BADI (Baltic Dry Index) was up 15 points to 1103;
Dow Jones was up 47.71 points to 34.395,14;
S&P 500 was up 37.88 points to 4.510,04;
NASDAQ Composite up 219.61 points to 14.138,57;
US dollar index (Sep ’23) was down 0.737 points to 99.456;
AUD/USD firmer at US$0.6889;
USD/CAD weaker at $1.3109;
EUR/USD firmer at $1.1226;
USD/RUB weaker at ₽90.1138.

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

Author: Sandro F. Puglisi

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