July 6, 2023 – Update

The comment

US farm markets were back in full swing on Wednesday. Wheat prices were red-hot, following the holiday break. Chicago SRW indeed gained 5.06%, Kansas City HRW climbed 6.25%, and MGEX HRS rose 5.96%. Corn prices, in contrast, faded back into the red, down 0.56%. Soybean prices followed corn lower, but were able to close fractionally higher, up 0.07% at the bell. The rest of the soy complex was mixed, as soymeal closed with 0.39% losses, while bean oil ended up 2.14%, leading the Aug contract to a new high for the year. Wheat prices surged amid slow winter wheat harvesting and deteriorating spring crop conditions. Corn prices ended lower as rains and forecasts for further showers have reduced worries about early season dryness in the heart of the Midwest. Soybeans were firmer on spillover support from wheat and worse-than-expected crop ratings, but ended the session substantially unchanged. In Europe, grain prices rose sharply, with wheat settling up 2.3% supported by renewed concerns over a nuclear power plant in Ukraine as well as weather stress for North American crops. Meanwhile rapeseed eased slightly. U.S. crude oil gained about 3%, narrowing the price gap with Brent after the Independence Day holiday, while Brent rose by 0.5%. The Baltic Exchange’s main sea freight index in London declined 4.8%, falling to its lowest in one month. On Wall Street, US stock indexes settled lower after the release of the hawkish minutes of the Jun 13-14 FOMC meeting. Strength in the mega-cap tech stocks limited losses. The DXI rose +0.37% on strength in US T-note yields, and a liquidity demand as stocks slumped.

The markets

Chicago wheat Sep contract was up 32.4c/bu to 674.2c/bu;
Kansas wheat Sep contract was up 49.6c/bu to 846.2c/bu;
Minneapolis wheat Sep contract was up 48.2c/bu to 857.4c/bu;
MATIF wheat Sep contract, was up €5.55/t to €233.25/t;
ASX wheat Sep contract, was up A$1/t to A$382.5/t;
BlackSea wheat Aug contract was up $1/t to $235.25/t;
US DWI Cash (durum wheat index) was up 5.65c/bu to 794.40c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$0.27/t to C$390.50/t;
EDW (EU durum) Sep contract, was up €0.75/t to €353.25/t;
Chicago corn Sep was down 2.6c/bu to 485.2c/bu;
MATIF corn Aug was up €2.5/t to €228.25/t;
Soybeans Aug contract up 1c/bu to 1468.6c/bu;
Winnipeg November canola contract was up C$3/t to C$739.40/t;
MATIF rapeseed Aug contract, was down €1.5/t to €448/t;
Brent crude Sep was up US$0.40 per barrel to $76.25;
WTI crude Aug was up US$2 per barrel to $71.79;
BADI (Baltic Dry Index) was down 50 points to 994;
Dow Jones was down 129.83 points to 34.288,64;
S&P 500 was down 8.77 points to 4.446,82;
NASDAQ Composite down 25.12 points to 13.791,65;
US dollar index (Sep ’23) was up 0.381 points to 103.035;
AUD/USD weaker at US$0.6654;
USD/CAD firmer at $1.3280;
EUR/USD weaker at $1.0854;
USD/RUB weaker at ₽90.7883.

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

Author: Sandro F. Puglisi

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