November 14, 2023 – Market Update

The comment

US farm markets mostly rose on Monday.
During the week ending Nov. 5, the Canadian Grain Commission reported producer deliveries of all principal field crops into licensed facilities, at 17.26 MMT.
Rainfall and soil moisture are not improving in central Brazil, where the bulk of the country’s soy is grown.
European grain prices started the week higher.
Tunisia’s state grains agency is believed to have purchased about 50,000 metric tons of durum wheat at an estimated price of $424.69 a ton c&f.
Ukraine’s Ag. Ministry also reported cumulative 2023-24 grain exports have reached 10.0Mt.
Russian wheat export prices rose for the second week in a row, last week.
India’s imports of palm oil and sunflower oil in 2022/23 surged by 24% and 54%, respectively, to record highs.
Aussie wheat markets ended the day softer, while canola was mostly unchanged.

The markets

Chicago wheat Dec contract was up 3.6c/bu to 579c/bu;
Kansas wheat Dec contract was up 1.4c/bu to 641.4c/bu;
Minneapolis wheat Dec contract was down 1.6c/bu to 728.6c/bu;
MATIF wheat Dec contract, was up €1.5/t to €233.75/t;
ASX wheat Jan ’24, was down A$2/t to A$387/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 down C$0.08/t to C$468.57/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was up 13.2c/bu to 477.2c/bu;
MATIF corn Mar was up €2.5/t to €208.5/t;
Chicago soybeans Jan up 35c/bu to 1382.4c/bu;
Winnipeg canola, the market was closed;
MATIF rapeseed Feb contract, was up €13.5/t to €443/t;
Brent crude Jan was up US$1.09 per barrel to $82.52;
WTI crude Dec was up US$1.09 per barrel to $78.26;
BADI (Baltic Dry Index) was up 12 points to 1.655;
Dow Jones was up 54.77 points to 34.337,87;
S&P 500 was down 3.69 points to 4.411,55;
NASDAQ Composite down 30.36 points to 13.767,74;
US dollar index (Dec ’23) was down 0.222 points to 105.503;
AUD/USD firmer at US$0.6376;
USD/CAD firmer at $1.3797;
EUR/USD firmer at $1.0699;
USD/RUB weaker at ₽91.9133.

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

Author: Sandro F. Puglisi

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