DAILY MARKET WIRE
November 7, 2023 – Market Update
Soybeans hit their highest level in some eight weeks.
Corn finished unchanged, while wheat rose slightly.
Brazil’s 2023/24 soybean planting reached 51% of the expected area, first 2024 corn crop 66% complete.
European wheat prices slipped after reaching a one-week high.
Saudi Arabia’s GFSA bought 710k t of wheat from Saudi producers based overseas.
Ukraine’s ag ministry said a total of 4.39 million hectares of winter crops were sown as of Nov. 6.
Russian wheat export prices nudged a little higher last week.
China imported 5.16 MMT of soybeans in Oct, customs data showed.
Malaysian palm oil prices ended lower for a second day on Monday.
Eastern Australian markets firmed slightly, while canola was up again for its third consecutive day.
Kansas wheat Dec contract was up 2.2c/bu to 645.6c/bu;
Minneapolis wheat Dec contract was up 7.6c/bu to 728.6c/bu;
MATIF wheat Dec contract, was down €1.25/t to €232.25/t;
ASX wheat Jan 24, was down A$1/t to A$382/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 10.68 c/bu to 924.35c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.19/t to C$467.51/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was unchanged to 477.2c/bu;
MATIF corn Mar ’24 was down €1/t to €206.5/t;
Chicago soybeans Jan ’24 up 12.2c/bu to 1364c/bu;
Winnipeg canola Jan ’24 contract, was up C$10.2/t to C$702.5/t;
MATIF rapeseed Feb ’24 contract, was unchanged to €445/t;
Brent crude Jan ’24 was up US$0.29 per barrel to $85.18;
WTI crude Dec was up US$0.31 per barrel to $80.82;
BADI (Baltic Dry Index) was up 61 points to 1.523;
Dow Jones was up 34.54 points to 34.095,86;
S&P 500 was up 7.64 points to 4.365,98;
NASDAQ Composite up 40.50 points to 13.518,78;
US dollar index (Dec ’23) was up 0.187 points to 105.046;
AUD/USD weaker at US$0.6489;
USD/CAD firmer at $1.3700;
EUR/USD weaker at $1.0717;
USD/RUB weaker at ₽92.6442.