November 30, 2023 – Market Update

The comment

US farm markets were once again mixed on Wednesday, but still mostly higher.
Brazil’s Mato Grosso Institute of Ag. Economics noted that an estimated 500,000 hectares of 2023-24 soybean crops will need to be replanted.
European wheat prices rose, as signs of renewed demand from Morocco added impetus to a technical recovery from two-year lows.
Due to the relative stabilization of deep-sea ports, Ukraine has experienced an uptick in corn exports to China.
IKAR expects Russia’s 2024/25 grain crop at 145 MMT, of which 92 MMT would be wheat.
Malaysian palm oil prices fell on Wednesday.
Rain in the past week in New South Wales and Victoria has sparked concerns about widespread downgrading of wheat and barley.

The markets

Chicago wheat Dec contract was up 12.2c/bu to 556c/bu;
Kansas wheat Dec contract was up 27c/bu to 640c/bu;
Minneapolis wheat Dec contract was up 2.2c/bu to 696.6c/bu;
MATIF wheat Dec contract, was up €4.75/t to €219.75/t;
ASX wheat Jan ’24, was up A$0.5/t to A$390/t;
Black Sea wheat Dec contract has not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 0.78c/bu to 922.97c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.11/t to C$461.50/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 1.6c/bu to 449.6c/bu;
MATIF corn Mar was up €1/t to €198.75/t;
Chicago soybeans Jan up 0.4c/bu to 1347c/bu;
Winnipeg canola Jan down C$5.3/t to C$702.3/t;
MATIF rapeseed Feb contract, was up €6.75/t to €452.25/t;
Brent crude Feb was up US$1.41 per barrel to $82.88;
WTI crude Jan was up US$1.45 per barrel to $76.86;
BADI (Baltic Dry Index) was up 305 points to 2.696;
Dow Jones was up 13.44 points to 35.430,42;
S&P 500 was down 4.31 points to 4.550,58;
NASDAQ Composite down 23.27 points to 14.258,49;
US dollar index (Dec ’23) was up 0.027 points to 102.676;
AUD/USD weaker at US$0.6616;
USD/CAD firmer at $1.3588;
EUR/USD weaker at $1.0969;
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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