July 28, 2023 – Update

US farm markets were mostly lower on Thursday. Corn prices ended the day near the session lows, down 1.30%. Soybeans were 0.92% lower, as soymeal sheded 0.04%, and soyoil stumbled 2.36% lower. Wheat prices were mixed, as Chicago SRW dropped 1.01%, while Kansas City HRW inched 0.14% higher, and Minneapolis spring wheat added 0.95%. Soybean and corn prices turned lower, on short-living for hot weather in the US Midwest, and higher U.S. dollar. Wheat markets, waiting for a more clearer view on global grain exports out of the Black Sea faded, as scouts in an annual U.S. crop tour projected spring wheat in northwest and north-central North Dakota will produce lower yields than last year, but bigger than the five-year average. In Europe, grain markets were mixed with hesitant operators, thus, wheat extended previously losses, while corn picked up. Rapeseed slumped as Aug deadline is approaching. Oil prices settled higher, with Brent crude topping $84 a barrel for the first time since April. The Baltic Exchange’s main sea freight index in London rose to a two-week high, gaining 2.8%, on higher rates for larger vessel segments. On Wall Street, US stock indexes gave up early gains and settled moderately lower, as a long liquidation emerged in stocks after 10-year T-notes yields jumped above 4.00% on a report that said the BOJ plans to discuss tweaking its yield curve control policy at Friday’s policy meeting. The DXI recovered from early losses and finished up by +0.90% at a 2-week high, as stronger-than-expected U.S. economic news on Q2 GDP, weekly jobless claims, and Jun pending home sales boosted T-note yields and supported the dollar.