November 6, 2023 – Market Update

The comment

US farm markets closed mostly higher on Friday.
Wheat prices across the Canadian Prairies, fell back during the week ended Nov. 2.
The market is monitoring uneven crop weather in Brazil, where soybean planting is under way.
Despite a sharp rise in the euro/dollar, European wheat prices ended the week higher.
Ukraine has harvested more than 67 million metric tons of grain and oilseeds from the new 2023 harvest so far.
Malaysian palm oil prices closed lower on Friday, but gained for the week, recording its fourth consecutive weekly rise.
Australia exported 31.67 million tonnes (Mt) of wheat and durum in the year to 30 September 2023.

The markets

Chicago wheat Dec contract was up 7c/bu to 572.4c/bu;
Kansas wheat Dec contract was up 2c/bu to 643.4c/bu;
Minneapolis wheat Dec contract was up 10.2c/bu to 721c/bu;
MATIF wheat Dec contract, was up €1.25/t to €233.5/t;
ASX wheat Jan 24, was down A$2/t to A$383/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 down C$0.56/t to C$467.32/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was up 7.2c/bu to 477.2c/bu;
MATIF corn Mar ’24 was up €2.25/t to €207.5/t;
Chicago soybeans Jan ’24 up 23.4c/bu to 1351.6c/bu;
Winnipeg canola Jan ’24 contract, was up C$9.7/t to C$692.3/t;
MATIF rapeseed Feb ’24 contract, was up €9.25/t to €445/t;
Brent crude Jan ’24 was down US$1.96 per barrel to $84.89;
WTI crude Dec was down US$1.95 per barrel to $80.51;
BADI (Baltic Dry Index) was up 77 points to 1.462;
Dow Jones was up 222.24 points to 34.061,32;
S&P 500 was up 40.56 points to 4.358,34;
NASDAQ Composite up 184.09 points to 13.478,28;
US dollar index (Dec ’23) was down 1.118 points to 104.859;
AUD/USD firmer at US$0.6512;
USD/CAD weaker at $1.3653;
EUR/USD firmer at $1.0728;
USD/RUB weaker at ₽92.8202.

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

Author: Sandro F. Puglisi

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