November 7, 2023 – Market Update

The comment

US farm markets were mixed but mostly higher, on Monday.
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.

The markets

Chicago wheat Dec contract was up 3.2c/bu to 575.6c/bu;
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.

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

Author: Sandro F. Puglisi

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