July 7, 2023 – Update

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.