DAILY MARKET WIRE
November 9, 2023 – Market Update
The comment
US farm markets posted variable gains, on Wednesday.
Rosario Grains Exchange cut its 2023/24 wheat forecast by 0.8 MMT.
USDA Attaché forecast South Africa will maintain a 2.9 Mha corn area.
European grain and oilseed markets marked an increase.
Russia reportedly fired a missile at a Liberia-flagged civilian ship entering a port in the Black Sea region of Odesa.
Russian President Putin called for the development of wheat and fertiliser cargo transport routes in Asia during a visit to Kazakhstan.
COFCO have signed an agreement “to supply and accept soybeans” coming from sustainable areas of production in Brazil.
USDA attache trimmed India 2023/24 wheat crop forecast to 106 MMT.
Aussie line ups data showed 3.12Mt of total grains on the stem for November.
Rosario Grains Exchange cut its 2023/24 wheat forecast by 0.8 MMT.
USDA Attaché forecast South Africa will maintain a 2.9 Mha corn area.
European grain and oilseed markets marked an increase.
Russia reportedly fired a missile at a Liberia-flagged civilian ship entering a port in the Black Sea region of Odesa.
Russian President Putin called for the development of wheat and fertiliser cargo transport routes in Asia during a visit to Kazakhstan.
COFCO have signed an agreement “to supply and accept soybeans” coming from sustainable areas of production in Brazil.
USDA attache trimmed India 2023/24 wheat crop forecast to 106 MMT.
Aussie line ups data showed 3.12Mt of total grains on the stem for November.
The markets
Chicago wheat Dec contract was up 22c/bu to 592.2c/bu;
Kansas wheat Dec contract was up 22.4c/bu to 655c/bu;
Minneapolis wheat Dec contract was up 11.2c/bu to 735.4c/bu;
MATIF wheat Dec contract, was up €3.5/t to €235.75/t;
ASX wheat Jan 24, was up A$4/t to A$388/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 2.88 c/bu to 916.55c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.33/t to C$468.45/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was up 7.4c/bu to 476c/bu;
MATIF corn Mar ’24 was up €2.75/t to €208.5/t;
Chicago soybeans Jan ’24 up 3.6c/bu to 1365.6c/bu;
Winnipeg canola Jan ’24 contract, was down C$1.3/t to C$699.3/t;
MATIF rapeseed Feb ’24 contract, was up €2.25/t to €441.25/t;
Brent crude Jan ’24 was down US$2.07 per barrel to $79.54;
WTI crude Dec was down US$2.04 per barrel to $75.33;
BADI (Baltic Dry Index) was down 29 points to 1.530;
Dow Jones was down 40.33 points to 34.112,27;
S&P 500 was up 4.40 points to 4.382,78;
NASDAQ Composite up 10.56 points to 13.650,41;
US dollar index (Dec ’23) was up 0.075 points to 105.448;
AUD/USD weaker at US$0.6402;
USD/CAD firmer at $1.3792;
EUR/USD firmer at $1.0709;
USD/RUB weaker at ₽91.8474.
Kansas wheat Dec contract was up 22.4c/bu to 655c/bu;
Minneapolis wheat Dec contract was up 11.2c/bu to 735.4c/bu;
MATIF wheat Dec contract, was up €3.5/t to €235.75/t;
ASX wheat Jan 24, was up A$4/t to A$388/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 2.88 c/bu to 916.55c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.33/t to C$468.45/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was up 7.4c/bu to 476c/bu;
MATIF corn Mar ’24 was up €2.75/t to €208.5/t;
Chicago soybeans Jan ’24 up 3.6c/bu to 1365.6c/bu;
Winnipeg canola Jan ’24 contract, was down C$1.3/t to C$699.3/t;
MATIF rapeseed Feb ’24 contract, was up €2.25/t to €441.25/t;
Brent crude Jan ’24 was down US$2.07 per barrel to $79.54;
WTI crude Dec was down US$2.04 per barrel to $75.33;
BADI (Baltic Dry Index) was down 29 points to 1.530;
Dow Jones was down 40.33 points to 34.112,27;
S&P 500 was up 4.40 points to 4.382,78;
NASDAQ Composite up 10.56 points to 13.650,41;
US dollar index (Dec ’23) was up 0.075 points to 105.448;
AUD/USD weaker at US$0.6402;
USD/CAD firmer at $1.3792;
EUR/USD firmer at $1.0709;
USD/RUB weaker at ₽91.8474.
