November 8, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower, on Tuesday.
USDA attaché predicted a decrease in Brazil’s corn planted area, and production to 130 MMT.
European wheat prices closed unchanged.
Syria has concluded a contract to purchase about 1.4 MMT of wheat from Russia.
Ukraine’s shipments of food by road decreased slightly in the first six days of Nov due Polish drivers’ strike.
The Russian Agriculture Ministry set the quota for grain exports in the next year at 24 million metric tons.
Chinese Premier Li pledged to expand market access and boost imports as part of efforts to stimulate economic growth and maintain openness in China.
Malaysian palm oil prices closed lower on Tuesday for the third consecutive session.
Australia exported a record 6 MMT of canola in the year to Sep 30, according to the latest data from the Australian Bureau of Statistics.

The markets

Chicago wheat Dec contract was down 5.4c/bu to 570.2c/bu;
Kansas wheat Dec contract was down 13.2c/bu to 632.4c/bu;
Minneapolis wheat Dec contract was down 4.4c/bu to 724.2c/bu;
MATIF wheat Dec contract, was unchanged to €232.25/t;
ASX wheat Jan 24, was up A$2/t to A$384/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 10.68 c/bu to 913.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.61/t to C$468.12/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 8.6c/bu to 468.4c/bu;
MATIF corn Mar ’24 was down €0.75/t to €205.75/t;
Chicago soybeans Jan ’24 down 2c/bu to 1362c/bu;
Winnipeg canola Jan ’24 contract, was down C$1.9/t to C$700.6/t;
MATIF rapeseed Feb ’24 contract, was down €6/t to €439/t;
Brent crude Jan ’24 was down US$3.57 per barrel to $81.61;
WTI crude Dec was down US$3.45 per barrel to $77.37;
BADI (Baltic Dry Index) was up 36 points to 1.559;
Dow Jones was up 56.74 points to 34.152,60;
S&P 500 was up 12.40 points to 4.378,38;
NASDAQ Composite up 121.08 points to 13.639,86;
US dollar index (Dec ’23) was up 0.327 points to 105.373;
AUD/USD weaker at US$0.6436;
USD/CAD firmer at $1.3766;
EUR/USD weaker at $1.0700;
USD/RUB weaker at ₽92.0961.

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

Author: Sandro F. Puglisi

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