July 24, 2023 – Update

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.