November 20, 2023 – Market Update

The comment

US farm markets declined on Friday.
Wheat prices across the Canadian Prairies, fell during the week ended Nov. 17.
Some Brazilian farmers in Mato Grosso are abandoning soybeans for cotton.
European wheat prices edged up, consolidating after a five-month low …
Ukraine can potentially harvest 18-20 MMT of winter wheat in 2024; farmers sowed around 4 Mha of the crop.
China’s nitrogen fertilizer association urged member companies to prioritize supplies for domestic use and withdraw applications for export that have yet to be approved.
Malaysian palm oil prices closed down on Friday, snapping a four-session rally.
Aussie wheat markets traded sideways to slightly firmer last week. Barley values continued to be supported by ongoing strong China demand. Meantime, grower selling picked up through southern markets.

The markets

Chicago wheat Dec contract was down 2.6c/bu to 550.6c/bu;
Kansas wheat Dec contract was down 9.2c/bu to 618c/bu;
Minneapolis wheat Dec contract was down 10.4c/bu to 715.4c/bu;
MATIF wheat Dec contract, was up €0.5/t to €226.75/t;
ASX wheat Jan ’24, was up A$1.5/t to A$389.5/t;
Black Sea wheat Dec contract has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 2.5c/bu to 921.09c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.6/t to C$465.37/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 7.6c/bu to 467c/bu;
MATIF corn Mar was down €0.25/t to €205.75/t;
Chicago soybeans Jan down 20c/bu to 1340.2c/bu;
Winnipeg canola Jan down C$9.6/t to C$697.2/t;
MATIF rapeseed Feb contract, was down €3.5/t to €435/t;
Brent crude Jan was up US$3.19 per barrel to $80.61;
WTI crude Dec was up US$2.95 per barrel to $76.04;
BADI (Baltic Dry Index) was up 62 points to 1.820;
Dow Jones was up 1.81 points to 34.947,28;
S&P 500 was up 5.78 points to 4.514,02;
NASDAQ Composite up 11.81 points to 14.125,48;
US dollar index (Dec ’23) was down 0.438 points to 103.795;
AUD/USD firmer at US$0.6514;
USD/CAD weaker at $1.3714;
EUR/USD firmer at $1.0909;
USD/RUB firmer at ₽89.9029.

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

Author: Sandro F. Puglisi

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