November 10, 2023 – Market Update

The comment

US farm markets hammered, on Thursday.
Brazil’s Conab saw country’s soybean production to 162.42 MMT, corn at 119.05 MMT.
Argentina farmers have planted 6.1% of the soybean planned area; corn was 24.7% complete; harvest of 2023/24 wheat crops was 14.4% complete.
European wheat fell more than 1.2%, on Thursday.
As of Nov 9, Ukraine collected grains and pulses from 9.84 mln ha.
As of Nov 8, Russia’s grain and oilseed harvest reached 147.3 MMT.
China’s CASDE trimmed their soybean output by 564k MT to 20.89 MMT.
Malaysia’s palm oil stockpiles stood at a four-year high at the end of Oct.
Australia exported 5.77 MMT of feed barley, 1.15 MMT of malting barley and 2.81MMT of sorghum in the year to 30 Sep.

The markets

Chicago wheat Dec contract was down 11.4c/bu to 580.6c/bu;
Kansas wheat Dec contract was down 7.6c/bu to 647.2c/bu;
Minneapolis wheat Dec contract was down 1c/bu to 734.4c/bu;
MATIF wheat Dec contract, was down €2.5/t to €233.25/t;
ASX wheat Jan ’24, was up A$1/t to A$389/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 2.22 c/bu to 914.33c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.20/t to C$468.65/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 8c/bu to 468c/bu;
MATIF corn Mar was down €1.75/t to €206.75/t;
Chicago soybeans Jan down 22.2c/bu to 1343.4c/bu;
Winnipeg canola Jan contract, was down C$12.2/t to C$687.1/t;
MATIF rapeseed Feb contract, was down €8.75/t to €432.5/t;
Brent crude Jan was up US$0.47 per barrel to $80.01;
WTI crude Dec was up US$0.41 per barrel to $75.74;
BADI (Baltic Dry Index) was up 68 points to 1.598;
Dow Jones was down 220.33 points to 33.891,94;
S&P 500 was down 35.43 points to 4.347,35;
NASDAQ Composite down 128.97 points to 13.521,45;
US dollar index (Dec ’23) was up 0.332 points to 105.780;
AUD/USD weaker at US$0.6366;
USD/CAD firmer at $1.3807;
EUR/USD weaker at $1.0667;
USD/RUB weaker at ₽91.6700.

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

Author: Sandro F. Puglisi

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