November 17, 2023 – Market Update

The comment

US farm markets were affected Thursday by a broad commodity selloff.
BAGE expects Argentina soybean planting at 17.3 Mha, 18% has already been planted; corn at 7.1 Mha, 25% planted; wheat production is expected at 14.7 MMT.
European wheat prices fell to a new five-month low.
Egyptian marketing year 2023/24 wheat imports are estimated at 12.0 MMT.
Turkish durum wheat prices were stable, despite higher USD/TL exchange rate.
Ukraine has harvested almost 74 MMT of grain and oilseeds from the new 2023 harvest so far.
Russia’s Ag Min said Moscow had begun free shipments of grain totalling up to 200,000 tonnes to six African countries.
Indian farmers have planted wheat on 8.6 Mha so far, while sowing of rapeseed, was at 6.9 Mha.
Western Australia’s winter crop is forecast at 14.51 MMT, according GIWA November Crop Report.
The IGC raised its forecast for 2023/24 global wheat, corn and soybean productions.

The markets

Chicago wheat Dec contract was down 7c/bu to 553.4c/bu;
Kansas wheat Dec contract was down 12.4c/bu to 627.2c/bu;
Minneapolis wheat Dec contract was down 9.2c/bu to 726c/bu;
MATIF wheat Dec contract, was down €2/t to €226.25/t;
ASX wheat Jan ’24, was down A$3/t to A$388/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was unchanged to 923.59c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.31/t to C$465.96/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was up 4c/bu to 474.6c/bu;
MATIF corn Mar was down €1.25/t to €206/t;
Chicago soybeans Jan down 24.6c/bu to 1360.2c/bu;
Winnipeg canola Jan down C$12.7/t to C$706.8/t;
MATIF rapeseed Feb contract, was down €3.75/t to €438.5/t;
Brent crude Jan was down US$3.76 per barrel to $77.42;
WTI crude Dec was down US$3.76 per barrel to $72.90;
BADI (Baltic Dry Index) was up 70 points to 1.758;
Dow Jones was down 45.74 points to 34.945,47;
S&P 500 was up 5.36 points to 4.508,24;
NASDAQ Composite up 9.84 points to 14.113,67;
US dollar index (Dec ’23) was down 0.032 points to 104.233;
AUD/USD weaker at US$0.6468;
USD/CAD firmer at $1.3754;
EUR/USD firmer at $1.0852;
USD/RUB weaker at ₽89.3260.

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

Author: Sandro F. Puglisi

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