November 27, 2023 – Market Update

The comment

US farm markets eroded early week’s gains on Friday, sending prices into the red for the week.
Wheat prices across the Canadian Prairies lost ground during the week ended Nov. 24, with CWRS and CPRS incurring larger declines than those for CWAD.
Brazilian soybean producers have already sown 75.1% of the area destined for the grain.
In Argentina, the first sprouts of the 2023/24 soybean crop appeared in good shape after rains.
European wheat prices fell to a near two-year low.
Ukraine’s grain exports have fallen to around 12.7 million metric tons so far in the 2023/24 marketing season.
The Russian government has significantly lowered the wheat and corn export taxes for the week of Nov 29-Dec 5.
China’s oilseeds processing was a record in 2022/23 marketing year and amounted to 133 mln tons.
Malaysian palm oil prices posted their first weekly drop in three as the contract fell for a second session on Friday.
Rain across south-eastern Australia has halted harvest for some growers, and sparked concerns about downgrading if this week brings further falls as forecast.

The markets

Chicago wheat Dec contract was down 7c/bu to 548.6c/bu;
Kansas wheat Dec contract was down 12.4c/bu to 602c/bu;
Minneapolis wheat Dec contract was down 14c/bu to 696.6c/bu;
MATIF wheat Dec contract, was down €3/t to €219/t;
ASX wheat Jan ’24, was up A$1.5/t to A$390/t;
Black Sea wheat Dec contract has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 13.13c/bu to 911.25c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$1.07/t to C$464.10/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 5.4c/bu to 463.2c/bu;
MATIF corn Mar was down €1/t to €204.75/t;
Chicago soybeans Jan down 25.6c/bu to 1330.6c/bu;
Winnipeg canola Jan down C$1.4/t to C$695.3/t;
MATIF rapeseed Feb contract, was up €1.25/t to €438/t;
Brent crude Jan was down US$0.85 per barrel to $80.58;
WTI crude Jan was down US$1.56 per barrel to $75.54;
BADI (Baltic Dry Index) was up 247 points to 2.102;
Dow Jones was up 117.12 points to 35.390,15;
S&P 500 was up 2.72 points to 4.559,34;
NASDAQ Composite down 15.00 points to 14.250,85;
US dollar index (Dec ’23) was down 0.521 points to 103.304;
AUD/USD firmer at US$0.6579;
USD/CAD weaker at $1.3625;
EUR/USD firmer at $1.0933;
USD/RUB firmer at ₽89.2908.

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

Author: Sandro F. Puglisi

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