November 3, 2023 – Market Update

The comment

US farm markets were mixed but mostly higher, on Thursday.
The above-average rainfall recorded in October in Paraná caused losses in the quality of the state’s agricultural production, which are still being accounted for in the field.
European grain prices were little changed, while rapeseed managed to regain ground.
The Egyptian cabinet will raise the local wheat procurement price for the 2024 season.
Ukrainian grain agricultural export rose by 15% to 4.8 million metric tons in October.
Indonesia confirmed the extension of export controls – DMO (domestic market obligation) – until 2024.
India’s edible oil imports in October plunged to a 16-month low.
Australia exported 675,516 tonnes of chickpeas and a record 1,745,433t of lentils in the year to Sep.
FAO Food Price Index continued to drop, but at a slower pace in October 2023.
According to the FAO, global cereal production was unchanged from last month, utilization and trade up, and stocks down but still foreseen to reach an all-time high.

The markets

Chicago wheat Dec contract was up 3.6c/bu to 565.4c/bu;
Kansas wheat Dec contract was up 1.4c/bu to 641.4c/bu;
Minneapolis wheat Dec contract was up 1.6c/bu to 710.6c/bu;
MATIF wheat Dec contract, was up €0.75/t to €232.25/t;
ASX wheat Jan 24, was down A$3/t to A$385/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was unchanged to 913.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$1.38/t to C$467.88/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 5c/bu to 470c/bu;
MATIF corn Mar ’24 was up €0.75/t to €205.25/t;
Chicago soybeans Jan ’24 up 13.2c/bu to 1328.2c/bu;
Winnipeg canola Jan ’24 contract, was up C$9.3/t to C$682.6/t;
MATIF rapeseed Feb ’24 contract, was up €5.75/t to €435.75/t;
Brent crude Jan ’24 was up US$2.22 per barrel to $86.85;
WTI crude Dec was up US$2.02 per barrel to $82.46;
BADI (Baltic Dry Index) was down 16 points to 1.385;
Dow Jones was up 564.50 points to 33.839,08;
S&P 500 was up 79.92 points to 4.317,78;
NASDAQ Composite up 232.72 points to 13.294,19;
US dollar index (Dec ’23) was down 0.738 points to 105.977;
AUD/USD firmer at US$0.6434;
USD/CAD weaker at $1.3737;
EUR/USD firmer at $1.0622;
USD/RUB firmer at ₽93.2537.

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

Author: Sandro F. Puglisi

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