November 29, 2023 – Market Update

The comment

US farm markets were mixed but mostly higher, on Tuesday.
Wheat prices jumped, soybeans also climbed, while corn faced another session of decline.
StatsCan data had showed Canadian canola crush was 974k MT in October.
Analysts now expects for the 2023/24 cycle, a 10 MMT decline from initial expectations for Brazilian soybean.
European wheat prices rose after hitting their lowest in about two years, though strength in the euro capped gains.
Morocco will offer subsidies to import up to 2.5 million metric tons of soft wheat between Jan. 1 and April 30, 2024, state grains agency ONICL said.
A record-breaking storm continues to impact the Black Sea region with icy snow storms crippling infrastructure, blocking roads and cutting power.
Russian AgMin plans to extend the ban on rice exports for the period from January 1 to June 30, 2024.
Malaysian palm oil prices ticked up on Tuesday.
Heavy rain in southeastern Australia has damaged wheat crops, potentially shrinking production by more than 100k tons and turning up to 1MMT of milling wheat into lower-quality feed grain.

The markets

Chicago wheat Dec contract was up 9.4c/bu to 543.6c/bu;
Kansas wheat Dec contract was up 23c/bu to 613c/bu;
Minneapolis wheat Dec contract was up 10c/bu to 694.4c/bu;
MATIF wheat Dec contract, was up €2/t to €215/t;
ASX wheat Jan ’24, was down A$2/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 3.75c/bu to 922.19c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$2.57/t to C$461.39/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 4c/bu to 451.4c/bu;
MATIF corn Mar was down €3.25/t to €197.75/t;
Chicago soybeans Jan up 16.6c/bu to 1346.4c/bu;
Winnipeg canola Jan up C$5.3/t to C$707.6/t;
MATIF rapeseed Feb contract, was up €3.75/t to €445.5/t;
Brent crude Jan was up US$1.70 per barrel to $81.68;
WTI crude Jan was up US$1.55 per barrel to $76.41;
BADI (Baltic Dry Index) was up 132 points to 2.391;
Dow Jones was up 83.51 points to 35.416,98;
S&P 500 was up 4.46 points to 4.554,89;
NASDAQ Composite up 40.73 points to 14.281,76;
US dollar index (Dec ’23) was down 0.456 points to 102.649;
AUD/USD firmer at US$0.6648;
USD/CAD weaker at $1.3574;
EUR/USD firmer at $1.0993;
USD/RUB weaker at ₽88.8683.

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

Author: Sandro F. Puglisi

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