DAILY MARKET WIRE
November 2, 2023 – Market Update
The comment
US farm markets were mixed, on Wednesday.
Brazil exported 5.533 MMT of soybeans in October, corn exports totaled 8.448 MMT.
European wheat prices rose, after hitting a five-month low.
Ukraine’s grain exports have reached 9.24 MMT so far this season.
Russia’s agriculture ministry is recommending a six-month ban on durum wheat exports, from Dec 1.
China’s total soybean imports in 2023 could reach a record high of around 105 MMT.
Malaysian palm oil prices rose, though concerns over rising stockpiles capped gains.
Most local barley and wheat markets in Australia traded lower due to continuing harvest pressure, combined with a slightly higher AUD and offshore weakness.
Brazil exported 5.533 MMT of soybeans in October, corn exports totaled 8.448 MMT.
European wheat prices rose, after hitting a five-month low.
Ukraine’s grain exports have reached 9.24 MMT so far this season.
Russia’s agriculture ministry is recommending a six-month ban on durum wheat exports, from Dec 1.
China’s total soybean imports in 2023 could reach a record high of around 105 MMT.
Malaysian palm oil prices rose, though concerns over rising stockpiles capped gains.
Most local barley and wheat markets in Australia traded lower due to continuing harvest pressure, combined with a slightly higher AUD and offshore weakness.
The markets
Chicago wheat Dec contract was up 5.4c/bu to 561.6c/bu;
Kansas wheat Dec contract was up 10.6c/bu to 640c/bu;
Minneapolis wheat Dec contract was down 0.2c/bu to 709c/bu;
MATIF wheat Dec contract, was up €2/t to €231.5/t;
ASX wheat Jan 24, was down A$2.5/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 913.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$1.29/t to C$466.5/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 3.6c/bu to 475c/bu;
MATIF corn Mar ’24 was unchanged to €204.5/t;
Chicago soybeans Jan ’24 up 4.4c/bu to 1315c/bu;
Winnipeg canola Jan ’24 contract, was down C$4.8/t to C$673.3/t;
MATIF rapeseed Feb ’24 contract, was down €0.75/t to €430/t;
Brent crude Jan ’24 was down US$0.39 per barrel to $84.63;
WTI crude Dec was down US$0.58 per barrel to $80.44;
BADI (Baltic Dry Index) was down 58 points to 1.401;
Dow Jones was up 221.71 points to 33.274,58;
S&P 500 was up 44.06 points to 4.237,86;
NASDAQ Composite up 210.23 points to 13.061,47;
US dollar index (Dec ’23) was up 0.221 points to 106.715;
AUD/USD firmer at US$0.6393;
USD/CAD weaker at $1.3856;
EUR/USD weaker at $1.0570;
USD/RUB weaker at ₽92.5947.
Kansas wheat Dec contract was up 10.6c/bu to 640c/bu;
Minneapolis wheat Dec contract was down 0.2c/bu to 709c/bu;
MATIF wheat Dec contract, was up €2/t to €231.5/t;
ASX wheat Jan 24, was down A$2.5/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 913.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$1.29/t to C$466.5/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 3.6c/bu to 475c/bu;
MATIF corn Mar ’24 was unchanged to €204.5/t;
Chicago soybeans Jan ’24 up 4.4c/bu to 1315c/bu;
Winnipeg canola Jan ’24 contract, was down C$4.8/t to C$673.3/t;
MATIF rapeseed Feb ’24 contract, was down €0.75/t to €430/t;
Brent crude Jan ’24 was down US$0.39 per barrel to $84.63;
WTI crude Dec was down US$0.58 per barrel to $80.44;
BADI (Baltic Dry Index) was down 58 points to 1.401;
Dow Jones was up 221.71 points to 33.274,58;
S&P 500 was up 44.06 points to 4.237,86;
NASDAQ Composite up 210.23 points to 13.061,47;
US dollar index (Dec ’23) was up 0.221 points to 106.715;
AUD/USD firmer at US$0.6393;
USD/CAD weaker at $1.3856;
EUR/USD weaker at $1.0570;
USD/RUB weaker at ₽92.5947.
