November 13, 2023 – Market Update

The comment

US farm markets closed mostly weaker, on Friday.
Chicago corn prices sank, with wheat followings, meanwhile soybean rose …
Wheat prices across the Canadian Prairies, mostly rose during the week ended Nov. 10, with gains in CWRS and CPRS, while Western Amber Durum were mostly steady.
According to the Brazilian Institute of Geography and Statistics, Brazil is expected to harvest in 2024 the second highest soy production ever obtained, if realized.
European grain and oilseed prices edged lower on Friday.
Tunisia’s state grains agency has issued an international tender to purchase about 50,000 metric tons of durum wheat.
Freight costs for ships using Ukraine’s alternative export corridor have risen by $20/mt, while the number of shipowners willing to load Ukrainian ports has decreased.
Russian outstanding wheat export sales remain at a 4-month low.
Only about 45-50% of Kazakhstan’s wheat harvest this year meets food quality standards.
Malaysian palm oil prices rose on Friday, as traders reacted to strong export data and signs of robust demand for the vegetable oil.
Aussie local markets rounded out the week on Friday pretty much unchanged.

The markets

Chicago wheat Dec contract was down 5.4c/bu to 575.2c/bu;
Kansas wheat Dec contract was down 7.2c/bu to 640c/bu;
Minneapolis wheat Dec contract was down 4c/bu to 730.4c/bu;
MATIF wheat Dec contract, was down €1/t to €232.25/t;
ASX wheat Jan ’24, was unchanged to A$389/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was unchanged to 914.33c/bu;
1CWAD (Canadian durum wheat) avg spot prices was unchanged to C$468.65/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 4c/bu to 464c/bu;
MATIF corn Mar was down €0.75/t to €206/t;
Chicago soybeans Jan up 4c/bu to 1347.4c/bu;
Winnipeg canola Jan contract, was up C$14/t to C$701.1/t;
MATIF rapeseed Feb contract, was down €3/t to €429.5/t;
Brent crude Jan was up US$1.42 per barrel to $81.43;
WTI crude Dec was up US$1.43 per barrel to $77.17;
BADI (Baltic Dry Index) was up 45 points to 1.643;
Dow Jones was up 391.16 points to 34.283,10;
S&P 500 was up 67.89 points to 4.415,24;
NASDAQ Composite up 276.66 points to 13.798,11;
US dollar index (Dec ’23) was down 0.055 points to 105.725;
AUD/USD weaker at US$0.6358;
USD/CAD weaker at $1.3789;
EUR/USD firmer at $1.0684;
USD/RUB firmer at ₽92.2647.

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

Author: Sandro F. Puglisi

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