July 26, 2023 – Update

The comment

US farm markets, were mixed but mostly lower on Tuesday. Corn prices fell 0.54%. Soybeans faded 0,51% lower. The products firmed in the afternoon and ended the day higher. Soymeal indeed closed 1.45% in the black, and bean oil closed 0.79% higher. Wheat prices were down initially, following the sharp gains on Monday, but staged a late session rally to close mixed on the day. Chicago SRW, indeed, gained 0.36%, but Kansas City HRW was still down 0.63%, and Minneapolis spring wheat eased 0.43%. In Europe, grain markets pared some of the previous session’s gains, as traders assessed the concrete drop in export potential after Russia hit some Ukrainian ports on the Danube river. Oil prices hit 3-month highs on tightening supplies, and pledges to step up economic policy from Chinese leaders. The Baltic Exchange’s main sea freight index in London dropped to lowest in over seven weeks. On Wall Street, US stock indexes closed moderately higher on big tech earnings optimism. The DXI was little changed ahead of the expected Fed rate hike.

The markets

Chicago wheat Sep contract was up 2.6c/bu to 760.2c/bu;
Kansas wheat Sep contract was down 5.6c/bu to 912.6c/bu;
Minneapolis wheat Sep contract was down 4c/bu to 932c/bu;
MATIF wheat Sep contract, was down €3/t to €261.75/t;
ASX wheat Sep contract, was unchanged to A$398/t;
Black Sea wheat Aug contract was up $0.5/t to $238.75/t;
US DWI Cash (durum wheat index) was up 8.01c/bu to 911.72c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$1.9/t to C$441.36/t;
EDW (EU durum) Sep contract, was up €3.75/t to €414.75/t;
Chicago corn Sep was down 3c/bu to 557.4c/bu;
MATIF corn Aug was down €2.25/t to €254/t;
Soybeans Aug contract down 7.6c/bu to 1515.4c/bu;
Winnipeg November canola contract was down C$6/t to C$824/t;
MATIF rapeseed Aug contract, was up €1.5/t to €453.5/t;
Brent crude Sep was up US$0.90 per barrel to $83.64;
WTI crude Sep was up US$0.89 per barrel to $79.63;
BADI (Baltic Dry Index) was down 5 points to 962;
Dow Jones was up 26.83 points to 35.438,07;
S&P 500 was up 12.82 points to 4.567,46;
NASDAQ Composite up 85.69 points to 14.144,56;
US dollar index (Sep ’23) was up 0.013 points to 101.096;
AUD/USD firmer at US$0.6792;
USD/CAD firmer at $1.3171;
EUR/USD weaker at $1.1048;
USD/RUB weaker at ₽90.2448.

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

Author: Sandro F. Puglisi

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