July 17, 2023 – Update

The comment

US farm markets closed mixed but mostly higher, on Friday. Corn prices climbed 2.63% higher. Soybeans slide 0.30% lower. The rest of the soy complex was mixed as soymeal gained 0.36%, while soyoil faded 0.97% lower. Wheat prices pulled in double-digit gains, as Chicago SRW gained 3.40%, Kansas City HRW rose 2.85%, and MGEX HRS climbed 2.61%. Lingering questions over US potential productions and rising geopolitical challenges in the Black Sea region supported grain prices. In Europe grain prices rose on worry about the safe shipments of Ukraine’s grain exports, while rapeseed fell on profit takings and decline in other oils. Oil prices fell more than a dollar a barrel on Friday, on dollar strength and profit takings, though recorded their third-straight weekly gain. The Baltic Exchange’s main sea freight index in London fell 1.2%, but marked its first weekly gain in three. On Wall Street, US stock indexes settled mixed as bond yields rose on hawkish Fed comments, and after the University of Michigan U.S. July inflation expectations indicator unexpectedly rose. The DXI rose by +0.15%, with the dollar recovering from a 15-month low, on higher bond yields and U.S. consumer sentiment strength.

The markets

Chicago wheat Sep contract was up 21.6c/bu to 661.40c/bu;
Kansas wheat Sep contract was up 23c/bu to 829c/bu;
Minneapolis wheat Sep contract was up 22.4c/bu to 884.2c/bu;
MATIF wheat Sep contract, was up €2.5/t to €231.75/t;
ASX wheat Sep contract, was up A$1/t to A$377.5/t;
Black Sea wheat Aug contract was up $0.25/t to $233.5/t;
US DWI Cash (durum wheat index) was up 4.04c/bu to 812.07c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$4.88/t to C$402.06/t;
EDW (EU durum) Sep contract, was unchanged to €360.50/t;
Chicago corn Sep was up 13c/bu to 506.4c/bu;
MATIF corn Aug was up €3/t to €233.25/t;
Soybeans Aug contract down 4.4c/bu to 1480.2c/bu;
Winnipeg November canola contract was up C$6.4/t to C$820.80/t;
MATIF rapeseed Aug contract, was down €8/t to €465.5/t;
Brent crude Sep was down US$1.49 per barrel to $79.87;
WTI crude Aug was down US$1.47 per barrel to $75.42;
BADI (Baltic Dry Index) was down 13 points to 1090;
Dow Jones was up 113.89 points to 34.509,03;
S&P 500 was down 4.62 points to 4.505,42;
NASDAQ Composite down 24.87 points to 14.113,70;
US dollar index (Sep ’23) was up 0.149 points to 99.605;
AUD/USD weaker at US$0.6836;
USD/CAD firmer at $1.3214;
EUR/USD weaker at $1.1225;
USD/RUB firmer at ₽90.2260.

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

Author: Sandro F. Puglisi

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