July 7, 2023 – Update

The comment

US farm markets were mixed but mostly lower, on Thursday. Corn prices bounced 2.83% higher. Soybeans went home 1.40% lower. The rest of the soy complex was also in the red, as soymeal faded 0.46% lower, and soyoil closed down 3.15%. The winter wheat markets flipped into the red, with Chicago SRW losing 2.41%, and Kansas City HRW dropping 0.30%. Minneapolis spring wheat (HRS), in contrast, ended the day fractionally higher, gaining 0.06%. Corn prices rose, recovering from a two-week slide that took prices to 2-1/2 year lows. Soybean prices retreated from multi-month highs, amid profit-taking and recent rains that should benefit the crop. Wheat prices were steady to lower following sharp gains in the previous session. In Europe grain and oilseed markets eased awaiting new geopolitical and climatic elements, while harvest progress pressured prices. Oil prices were near flat, as the market digested the higher likelihood of a U.S. interest rate hike that could dent energy demand. The Baltic Exchange’s main sea freight index in London was little changed, with just 1 point down. On Wall Street, US stock indexes sank, as stronger-than-expected Jun ADP employment and ISM services reports fueled rate hike fears. The DXI fell -0.16%, with the dollar falling back from a 3-week high, as the sell-off in global equity markets boosted demand for the Japanese yen as a safe haven.

The markets

Chicago wheat Sep contract was down 16.2c/bu to 658c/bu;
Kansas wheat Sep contract was down 2.4c/bu to 843.6c/bu;
Minneapolis wheat Sep contract was up 0.4c/bu to 858c/bu;
MATIF wheat Sep contract, was down €0.25/t to €233/t;
ASX wheat Sep contract, was up A$2/t to A$384.5/t;
BlackSea wheat Aug contract was down $0.75/t to $234.5/t;
US DWI Cash (durum wheat index) was down 5.81c/bu to 788.59c/bu;
1CWAD (Canadian durum wheat) avg reg was up C$0.71/t to C$391.21/t;
EDW (EU durum) Sep contract, was down €4.75/t to €348.50 53.25/t;
Chicago corn Sep was up 13.6c/bu to 499c/bu;
MATIF corn Aug was down €0.75/t to €227.5/t; Soybeans Aug contract down 20.4c/bu to 1448.2c/bu;
Winnipeg November canola contract was down C$1/t to C$762.10/t;
MATIF rapeseed Aug contract, was down €4.5/t to €443.5/t;
Brent crude Sep was down US$0.13 per barrel to $76.12;
WTI crude Aug was up US$0.01 per barrel to $71.80;
BADI (Baltic Dry Index) was down 1 points to 993;
Dow Jones was down 366.38 points to 33.922,26;
S&P 500 was down 35.23 points to 4.411,59;
NASDAQ Composite down 112.61 points to 13.679,04;
US dollar index (Sep ’23) was down 0.168 points to 102.867;
AUD/USD weaker at US$0.6625;
USD/CAD firmer at $1.3366;
EUR/USD firmer at $1.0888;
USD/RUB weaker at ₽91.2480.

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

Author: Sandro F. Puglisi

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