July 31, 2023 – Update

The comment

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.

The markets

Chicago wheat Sep contract was down 8.4c/bu to 704.2c/bu;
Kansas wheat Sep contract was down 10.2c/bu to 856.2c/bu;
Minneapolis wheat Sep contract was down 8.20c/bu to 896c/bu;
MATIF wheat Sep contract, was down €3.75/t to €247.75/t;
ASX wheat Sep contract, was unchanged to A$398/t;
Black Sea wheat Aug contract was down $0.25/t to $237.75/t;
US DWI Cash (durum wheat index) was up 5.76c/bu to 949.70c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$8.34/t to C$476.05/t;
EDW (EU durum) Sep contract, was unchanged to €420/t;
Chicago corn Sep was down 12.2c/bu to 521c/bu;
MATIF corn Aug was down €1.75/t to €248/t;
Soybeans Aug contract down 45.2c/bu to 1486.6c/bu;
Winnipeg November canola contract was down C$14.4/t to C$809.1/t;
MATIF rapeseed Aug contract, was down €13.25/t to €419.25/t;
Brent crude Sep was up US$0.75 per barrel to $84.99;
WTI crude Sep was up US$0.49 per barrel to $80.58;
BADI (Baltic Dry Index) was up 13 points to 1.110;
Dow Jones was up 176.57 points to 35.459,29;
S&P 500 was up 44.82 points to 4.582,23;
NASDAQ Composite up 266.55 points to 14.316,66;
US dollar index (Sep ’23) was down 0.145 points to 101.399;
AUD/USD weaker at US$0.6646;
USD/CAD firmer at $1.3250;
EUR/USD firmer at $1.1013;
USD/RUB firmer at ₽92.0567.

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

Author: Sandro F. Puglisi

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