July 21, 2023 – Update

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.