July 27, 2023 – Update

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US farm markets, were mixed but mostly lower on Wednesday. Corn prices faced substantial losses, falling by 3.09%, on improving quality ratings, and forecasts for more rain. Soybean prices grabbed solid gains rising 2.03% through a choppy session, on export optimism. The rest of the soy complex was mixed, as soymeal gained 2.4%, while soyoil slumped by 3.16% lower. Wheat prices sank on easing concerns from Black Sea region, and better-than expected spring wheat yield potential reported in a crop tour in North Dakota. Thus, Chicago SRW lost 5.29%, Kansas City HRW tumbled 5.20%, and Minneapolis spring wheat dropped 3.89%. In Europe, grain and oilseed markets fell as eased Black Sea concerns. Oil prices fell about 1% after data showed U.S. crude inventories declined less than expected and the Fed raised interest rates by 25 pb. The Baltic Exchange’s main sea freight index in London posted its biggest single-day gain since March, gaining 11% by the close. On Wall Street, US stock indexes ended mixed after Fed raised interest rates. The DXI declined as Powell suggested the Fed could pause rate hikes.

The markets

Chicago wheat Sep contract was down 40.2c/bu to 720c/bu;
Kansas wheat Sep contract was down 47.4c/bu to 865.2c/bu;
Minneapolis wheat Sep contract was down 36.20c/bu to 895.6c/bu;
MATIF wheat Sep contract, was down €8.25/t to €253.5/t;
ASX wheat Sep contract, was unchanged to A$398/t;
Black Sea wheat Aug contract was down $0.25/t to $238.5/t;
US DWI Cash (durum wheat index) was up 17.83c/bu to 929.55c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$11.31/t to C$452.67/t;
EDW (EU durum) Sep contract, was up €5.25/t to €420/t;
Chicago corn Sep was down 17.2c/bu to 540.2c/bu;
MATIF corn Aug was down €5.75/t to €248.25/t;
Soybeans Aug contract up 30.6c/bu to 1546.2c/bu;
Winnipeg November canola contract was up C$6.8/t to C$830.8/t;
MATIF rapeseed Aug contract, was down €3.5/t to €450/t;
Brent crude Sep was down US$0.72 per barrel to $82.92;
WTI crude Sep was down US$0.85 per barrel to $78.78;
BADI (Baltic Dry Index) was up 105 points to 1067;
Dow Jones was up 82.05 points to 35.520,12;
S&P 500 was down 0.71 points to 4.566,75;
NASDAQ Composite down 17.27 points to 14.127,28;
US dollar index (Sep ’23) was down 0.460 points to 100.636;
AUD/USD weaker at US$0.6757;
USD/CAD firmer at $1.3207;
EUR/USD firmer at $1.1086;
USD/RUB weaker at ₽89.9908.

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

Author: Sandro F. Puglisi

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