DAILY MARKET WIRE
November 28, 2023 – Market Update
The comment
US farm markets were mixed but mostly lower, on Monday.
Corn prices were slashed, wheat faced double-digit losses, and soybean followed other grains lower.
Conab Brazil has pegged soybean planting at 75% complete by 26th November.
European grains prices fell sharply, while rapeseed in spite has been unable to make any clear moves, traded above the €440/t mark.
South African farmers are expected to harvest 6% more maize in the 2022/2023 season compared with the previous season.
As of the end of November, almost 6 million hectares of winter crops were sown in Ukraine as part of the sowing campaign.
Russian Government is considering a grain exports ban.
The domestic pork market in China remains volatile, posing implications for both domestic and international markets.
Malaysian palm oil prices extended losses on Monday to its lowest closing in nearly two weeks.
Despite harvest bans and rain, Western Australian growers had an impressive run last week, delivering more than 2.28MMT into the network.
Corn prices were slashed, wheat faced double-digit losses, and soybean followed other grains lower.
Conab Brazil has pegged soybean planting at 75% complete by 26th November.
European grains prices fell sharply, while rapeseed in spite has been unable to make any clear moves, traded above the €440/t mark.
South African farmers are expected to harvest 6% more maize in the 2022/2023 season compared with the previous season.
As of the end of November, almost 6 million hectares of winter crops were sown in Ukraine as part of the sowing campaign.
Russian Government is considering a grain exports ban.
The domestic pork market in China remains volatile, posing implications for both domestic and international markets.
Malaysian palm oil prices extended losses on Monday to its lowest closing in nearly two weeks.
Despite harvest bans and rain, Western Australian growers had an impressive run last week, delivering more than 2.28MMT into the network.
The markets
Chicago wheat Dec contract was down 14.4c/bu to 534.2c/bu;
Kansas wheat Dec contract was down 12c/bu to 590c/bu;
Minneapolis wheat Dec contract was down 12.2c/bu to 684.4c/bu;
MATIF wheat Dec contract, was down €6/t to €213/t;
ASX wheat Jan ’24, was up A$1.5/t to A$391.5/t;
Black Sea wheat Dec contract has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 14.69c/bu to 925.94c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.14/t to C$463.96/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 7.6c/bu to 455.4c/bu;
MATIF corn Mar was down €3.75/t to €201/t;
Chicago soybeans Jan down 1c/bu to 1329.6c/bu;
Winnipeg canola Jan up C$7/t to C$702.3/t;
MATIF rapeseed Feb contract, was up €3.75/t to €441.75/t;
Brent crude Jan was down US$0.60 per barrel to $79.98;
WTI crude Jan was down US$0.68 per barrel to $74.86;
BADI (Baltic Dry Index) was up 157 points to 2.259;
Dow Jones was down 56.68 points to 35.333,47;
S&P 500 was down 8.91 points to 4.550,43;
NASDAQ Composite down 9.83 points to 14.241,02;
US dollar index (Dec ’23) was down 0.199 points to 103.105;
AUD/USD firmer at US$0.6606;
USD/CAD weaker at $1.3616;
EUR/USD firmer at $1.0954;
USD/RUB weaker at ₽89.0609.
Kansas wheat Dec contract was down 12c/bu to 590c/bu;
Minneapolis wheat Dec contract was down 12.2c/bu to 684.4c/bu;
MATIF wheat Dec contract, was down €6/t to €213/t;
ASX wheat Jan ’24, was up A$1.5/t to A$391.5/t;
Black Sea wheat Dec contract has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 14.69c/bu to 925.94c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.14/t to C$463.96/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 7.6c/bu to 455.4c/bu;
MATIF corn Mar was down €3.75/t to €201/t;
Chicago soybeans Jan down 1c/bu to 1329.6c/bu;
Winnipeg canola Jan up C$7/t to C$702.3/t;
MATIF rapeseed Feb contract, was up €3.75/t to €441.75/t;
Brent crude Jan was down US$0.60 per barrel to $79.98;
WTI crude Jan was down US$0.68 per barrel to $74.86;
BADI (Baltic Dry Index) was up 157 points to 2.259;
Dow Jones was down 56.68 points to 35.333,47;
S&P 500 was down 8.91 points to 4.550,43;
NASDAQ Composite down 9.83 points to 14.241,02;
US dollar index (Dec ’23) was down 0.199 points to 103.105;
AUD/USD firmer at US$0.6606;
USD/CAD weaker at $1.3616;
EUR/USD firmer at $1.0954;
USD/RUB weaker at ₽89.0609.
