October 10, 2023 – Market Update

The comment

US corn and soybean saw harvest pressure, as well as positioning ahead of the WASDE report. Wheat conversely, reacted to Middle East conflict.
Demand for Canadian barley has gone down since China lifted tariffs on the Australian crop.
Brazil’s 2023/24 soybean planting has reached as of last Thursday 10.1% of the expected area, AgRural said.
Grain prices in Europe rose on Middle East geopolitical turmoils, but corn gains were capped amid progress in the French harvest.
Egypt to cool inflation, has agreed with private producers and retailers to cut prices on staple foods by 15-25%, and exempt them from customs duties for six months.
As of Oct 10, 2023, Ukraine sowed 3.7 mln ha of winter crops.
Russian wheat exports in October will fall considerably.
Kazakhstan will harvest 12.3 million metric tons of wheat this year, MARS said.
Malaysian palm oil edged higher, but rising stocks capped the upside.
Australia exported 352kt of barley in Aug, along 359kt of canola. Japan the biggest buyer.

The markets

Chicago wheat Dec contract was up 4.4c/bu to 572.6c/bu;
Kansas wheat Dec contract was up 12.2c/bu to 686c/bu;
Minneapolis wheat Dec contract was up 10.4c/bu to 731c/bu;
MATIF wheat Dec contract, was up €2.5/t to €237.25/t;
ASX wheat Jan 24, was up A$4/t to A$412/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 10.83c/bu to 953.5c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.71/t to C$499.54/t;
EDW (EU durum) Dec contract, was unchanged to €398.5/t;
Chicago corn Dec was down 3.6c/bu to 488.2c/bu;
MATIF corn Nov was up €1/t to €205.75/t;
Chicago soybeans Nov down 1.6c/bu to 1264.2c/bu;
Winnipeg canola, the market was closed for Canada’s Thanksgiving Day holiday;
MATIF rapeseed Nov contract, was unchanged to €426.25/t;
Brent crude Dec was up US$3.57 per barrel to $88.15;
WTI crude Nov was up US$3.59 per barrel to $86.38;
BADI (Baltic Dry Index) was up 62 points to 1.991;
Dow Jones was up 197.07 points to 33.604,65;
S&P 500 was up 27.16 points to 4.335,66;
NASDAQ Composite up 52.90 points to 13.484,24;
US dollar index (Dec ’23) was up 0.027 points to 105.784;
AUD/USD firmer at US$0.6410;
USD/CAD weaker at $1.3589;
EUR/USD weaker at $1.0567;
USD/RUB weaker at ₽99.7564.

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

Author: Sandro F. Puglisi

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