July 24, 2023 – Update

The comment

US farm markets were mixed, but mostly lower on Friday. Corn prices spilled more than 1.9% lower. Soybean prices managed modest gains, up 0.40%. The rest of the soy complex was also in the green as soymeal shifted nearly 0.52% higher, while soyoil prices jumped 2.6% higher. Wheat prices were slashed. Chicago SRW lost 4.06%, while both Kansas City HRW and MGEX spring wheat dropped by 1.66%. Corn and soybean fell as some rainfall on the Midwest and Plains eased weather concerns. Wheat prices dropped after the panic early in the week, as traders are looking at Russia’s large crop and good harvests in France and elsewhere in the EU. In Europe, grain and oilseed markets plunged, on signs that the Black Sea grain export corridor may not be completely finished. Oil prices rose nearly 2% to record a fourth consecutive weekly gain, buoyed by growing evidence of supply shortages in the coming months and rising tensions between Russia and Ukraine that could further hit supplies. The Baltic Exchange’s main sea freight index in London edged up by 1 point, but logged 10% weekly drop as demand for larger vessel wilts away. On Wall Street, US stock indexes settled mixed on weakness in tech. The DXI rose by +0.2, and the dollar moved higher for a fourth session, posting a 1-week high.

The markets

Chicago wheat Sep contract was down 29.4c/bu to 697.4c/bu;
Kansas wheat Sep contract was down 14.4c/bu to 860.2c/bu;
Minneapolis wheat Sep contract was down 15c/bu to 887c/bu;
MATIF wheat Sep contract, was down €8.5/t to €247.25/t;
ASX wheat Sep contract, was down A$1.5/t to A$398/t;
Black Sea wheat Aug contract was down $0.50/t to $233.5/t;
US DWI Cash (durum wheat index) was up 26.89c/bu to 875.48c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$23.08/t to C$439.67/t;
EDW (EU durum) Sep contract, was up €16.5/t to €408.75/t;
Chicago corn Sep was down 10.2c/bu to 527c/bu;
MATIF corn Aug was down €6/t to €243/t;
Soybeans Aug contract up 6c/bu to 1501c/bu;
Winnipeg November canola contract was down C$17.2/t to C$825.80/t;
MATIF rapeseed Aug contract, was down €27.75/t to €470/t;
Brent crude Sep was up US$1.43 per barrel to $81.07;
WTI crude Sep was up US$1.42 per barrel to $77.07;
BADI (Baltic Dry Index) was up 1 points to 978;
Dow Jones was up 2.51 points to 35.227,69;
S&P 500 was up 1.47 points to 4.536,34;
NASDAQ Composite up 27.49 points to 14.090,80;
US dollar index (Sep ’23) was up 0.201 points to 100.798;
AUD/USD weaker at US$0.6727;
USD/CAD firmer at $1.3223;
EUR/USD weaker at $1.1125;
USD/RUB firmer at ₽90.9760.

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

Author: Sandro F. Puglisi

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