July 21, 2023 – Update

The comment

US farm markets were mixed on Thursday. Corn prices shifted 1.51%. Soybean rose 0.23%, but the rest of the soy complex saw soymeal fading 0.74% lower, and soyoil jumping more than 2.4% higher. Wheat prices also were mixed as Chicago SRW eased 0.10%, while Kansas City HRW rose 0.92%, and Minneapolis spring wheat added 0.53%. Chicago wheat prices dipped but remained near recent peaks as a third night of Russian attacks on Ukrainian ports renewed concerns about disruptions to exports needed to meet world demand and stave off rising food prices. Corn and soybean prices were mostly weaker on profit-taking setbacks but declines were kept in check by outlooks for hot weather in key U.S. Midwest growing areas. Also in Europe grain and oilseed markets were mixed, with wheat extending previous gains, while corn and rapeseed closed slightly weaker. Oil prices settled slightly higher amid low crude stocks, strong Chinese crude imports, and cautious economic outlook. The Baltic Exchange’s main sea freight index in London lost 2.7%, falling for the fifth straight session. On Wall Street, US stock indexes fell on disappointing tech earnings from Tesla and Netflix. The DXI rallied to a 1-week high and rose +0.61%, as a jump in bond yields supported the dollar.

The markets

Chicago wheat Sep contract was down 0.6c/bu to 727c/bu;
Kansas wheat Sep contract was up 8c/bu to 874.6c/bu;
Minneapolis wheat Sep contract was up 4.6c/bu to 902c/bu;
MATIF wheat Sep contract, was up €2/t to €255.75/t;
ASX wheat Sep contract, was up A$16/t to A$399.5/t;
Black Sea wheat Aug contract was unchanged to $234/t;
US DWI Cash (durum wheat index) was up 16.71c/bu to 848.59c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$4.32/t to C$416.59/t;
EDW (EU durum) Sep contract, was down €3/t to €392.25/t;
Chicago corn Sep was down 8.2c/bu to 537.2c/bu;
MATIF corn Aug was down €0.75/t to €249/t;
Soybeans Aug contract up 3.4c/bu to 1495c/bu;
Winnipeg November canola contract was up C$1.3/t to C$843/t;
MATIF rapeseed Aug contract, was down €5.5/t to €497.75/t;
Brent crude Sep was up US$0.18 per barrel to $79.64;
WTI crude Sep was up US$0.36 per barrel to $75.65;
BADI (Baltic Dry Index) was down 27 points to 977;
Dow Jones was up 163.97 points to 35.225,18;
S&P 500 was down 30.85 points to 4.534,87;
NASDAQ Composite down 294.71 points to 14.063,31;
US dollar index (Sep ’23) was up 0.609 points to 100.597;
AUD/USD firmer at US$0.6779;
USD/CAD firmer at $1.3167;
EUR/USD weaker at $1.1129;
USD/RUB weaker at ₽90.3963.

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

Author: Sandro F. Puglisi

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