July 31, 2023 – Update

US farm markets were hit by an end-of-week selloff, on Friday. Corn prices fell another 2.30%. Soybeans tumbled 2.95%. The rest of the soy complex also tracked lower, with soymeal dropping 2%, while soyoil was down 1.47%. Wheat losses were variable, as Chicago SRW fell 1.19%, Kansas City HRW dropped 1.18%, and Minneapolis spirng wheat eased 0.91%. Chicago grains and soybean prices fell to their lowest prices in more than a week on hopes that U.S. crop weather will improve and Russia will ease its attacks on Ukraine’s grain facilities. Technical selling added more pressure to prices, though a tentative of Ukrainian missile strike over the southern Russian city of Taganrog, limited decline. In Europe wheat prices closed near the same level of the previous Friday, erasing all weekly gains, as concerns over Black Sea supplies were tempered by improved supply prospects in other parts of the world and low demand. Oil prices rose between 0.6%-0.9% and notched a fifth straight week of gains. The Baltic Exchange’s main sea freight index in London rose 1.19%, and logged its best week in five. On Wall Street, US stock indexes closed moderately higher, as key measures of U.S. inflation cooled and strength in technology stocks boosted the overall market. The DXI fell by -0.14%, on weaker-than-expected U.S. inflation data, and yen strength.