November 22, 2023 – Market Update

The comment

US farm markets ended mostly higher, on Tuesday.
Brazilian soybean exports are expected to reach 4.996 million tons in Nov.
Weekly European Union data showed the bloc’s soft wheat exports so far this season were 19% below the level a year earlier.
Ukrainian farmers have almost completed winter crop sowing, seeding about 5.8 million hectares as of Nov. 20.
Russian wheat market seems stabilizing.
China’s grain feed and residual use in marketing year 2023-24 is projected to rise 2.7%.
Malaysian palm oil prices rose for a second session.
There was a softer tone across Aussie markets on Tuesday.

The markets

Chicago wheat Dec contract was up 11.4c/bu to 555c/bu;
Kansas wheat Dec contract was up 5.2c/bu to 615.6c/bu;
Minneapolis wheat Dec contract was up 10.2c/bu to 717.4c/bu;
MATIF wheat Dec contract, was up €1.25/t to €225.5/t;
ASX wheat Jan ’24, was down A$2/t to A$383/t;
Black Sea wheat Dec contract has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 0.78c/bu to 925.16c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.21/t to C$465.19/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was up 0.4c/bu to 470c/bu;
MATIF corn Mar was up €1.25/t to €205.75/t;
Chicago soybeans Jan up 10c/bu to 1377.2c/bu;
Winnipeg canola Jan up C$4.5/t to C$721.2/t;
MATIF rapeseed Feb contract, was up €8.75/t to €440.25/t;
Brent crude Jan was up US$0.13 per barrel to $82.45;
WTI crude Jan was down US$0.06 per barrel to $77.77;
BADI (Baltic Dry Index) was down 21 points to 1.796;
Dow Jones was down 62.75 points to 35.088,29;
S&P 500 was down 9.19 points to 4.538,19;
NASDAQ Composite down 84.55 points to 14.199,98;
US dollar index (Dec ’23) was up 0.132 points to 103.449;
AUD/USD unchanged at US$0.6556;
USD/CAD weaker at $1.3701;
EUR/USD weaker at $1.0911;
USD/RUB weaker at ₽88.2457.

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

Author: Sandro F. Puglisi

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