July 20, 2023 – Update

The comment

US farm markets continued to push higher on Wednesday. Corn prices grabbed double-digit gains, closing 3.17% higher. August soybean eased 0.03%, but Sep contract rose about 1%. The rest of the soy complex was firm, with soymeal picking up by 0.25%, while soyoil prices jumped 3.12% higher. Wheat prices climbed across all the board, with Chicago SRW skyrocketing, closing 8.50% higher. Kansas City HRW jumped 4.77%, and Minneapolis spring wheat rose 2.25%. Wheat prices had the biggest daily gain since the day after Russia-Ukraine war started, as intensification of the conflict threatened to slow grain export shipments from the Black Sea region. Corn and soybean prices also were strong, with soybeans posting their fifth straight day of gains and hitting their highest level in more than a month as forecasts for hot and dry weather raised concerns about crop stress in the U.S. Midwest. In Europe, wheat, corn and rapeseed soared after Moscow said it would consider Ukraine-bound ships as potential carriers of military cargo. Oil prices dipped about 0.5%, on profit-taking despite tighter U.S. supplies The Baltic Exchange’s main sea freight index in London lost 3.2%, falling for a fourth straight session. On Wall Street, US stock indexes kept only moderate gains, while bond yields remained lower, on weaker-than-expected U.S. June housing starts report. The DXI rose +0.36% on weakness in the British pound and the yen, though the decline in T-note yields, limited the dollar’s upside.

The markets

Chicago wheat Sep contract was up 57c/bu to 727.6c/bu;
Kansas wheat Sep contract was up 39.4c/bu to 866.6c/bu;
Minneapolis wheat Sep contract was up 19.6c/bu to 897.2c/bu;
MATIF wheat Sep contract, was up €19.25/t to €253.75/t;
ASX wheat Sep contract, was unchanged to A$383.5/t;
Black Sea wheat Aug contract was up $0.75/t to $234/t;
US DWI Cash (durum wheat index) was up 1.40c/bu to 831.88c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$4.9/t to C$412.27/t;
EDW (EU durum) Sep contract, was up € 11.25 to €395.25/t;
Chicago corn Sep was up 16.6c/bu to 545.4c/bu;
MATIF corn Aug was up €12.75/t to €249.75/t;
Soybeans Aug contract down 0.4c/bu to 1491.4c/bu;
Winnipeg November canola contract was up C$8.3/t to C$841.70/t;
MATIF rapeseed Aug contract, was up €26/t to €503.25/t;
Brent crude Sep was down US$0.17 per barrel to $79.46;
WTI crude Sep was down US$0.37 per barrel to $75.29;
BADI (Baltic Dry Index) was down 33 points to 1004;
Dow Jones was up 109.28 points to 35.061,21;
S&P 500 was up 10.74 points to 4.565,72;
NASDAQ Composite up 4.38 points to 14.358,02;
US dollar index (Sep ’23) was up 0.363 points to 99.988;
AUD/USD weaker at US$0.6771;
USD/CAD weaker at $1.3163;
EUR/USD weaker at $1.1197;
USD/RUB firmer at ₽91.7181.

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

Author: Sandro F. Puglisi

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