October 11, 2023 – Market Update

The comment

US farm markets were mostly lower on Tuesday.
Brazilian farmers will harvest a record soybean crop in the new season but less corn, Conab said.
European wheat prices fell; corn posted a new season low; rapeseed seems has no bullish arguments to hold on to.
The IFC and Morocco’s OCP Group, have launched an agri-finance platform to mobilize $800 million for countries in Africa by 2030.
Russia’s state grains trader United Grain Company, sold to the GASC in a private deal about 480,000 metric tons of Russian wheat.
Ukraine’s farm ministry is keeping the 2024 winter wheat sowing forecast unchanged at 4.4 million hectares.
Malaysian palm oil prices fell to their lowest level in 3-1/2 months.
For the week ending 8 Oct, South Australian growers delivered to Viterra over 7,700 ton, for a total receivals sitting at 9,000 ton.

The markets

Chicago wheat Dec contract was down 14.2c/bu to 558.4c/bu;
Kansas wheat Dec contract was down 14.6c/bu to 671.2c/bu;
Minneapolis wheat Dec contract was down 7.4c/bu to 723.4c/bu;
MATIF wheat Dec contract, was down €2.75/t to €234.5/t;
ASX wheat Jan 24, was down A$5/t to A$407/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 6.89c/bu to 946.61c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.12/t to C$499.66/t;
EDW (EU durum) Dec contract, was unchanged to €398.5/t;
Chicago corn Dec was down 2.6c/bu to 485.4c/bu;
MATIF corn Nov was down €2.25/t to €203.5/t;
Chicago soybeans Nov up 7.2c/bu to 1271.4c/bu;
Winnipeg canola Nov contract, was down C$6/t to C$704.6/t;
MATIF rapeseed Nov contract, was down €6.5/t to €419.75/t;
Brent crude Dec was down US$0.50 per barrel to $87.65;
WTI crude Nov was down US$0.41 per barrel to $85.97;
BADI (Baltic Dry Index) was down 8 points to 1.983;
Dow Jones was up 134.65 points to 33.739,30;
S&P 500 was up 22.58 points to 4.358,24;
NASDAQ Composite up 78.50 points to 13.562,84;
US dollar index (Dec ’23) was down 0.254 points to 105.557;
AUD/USD firmer at US$0.6431;
USD/CAD weaker at $1.3583;
EUR/USD firmer at $1.0605;
USD/RUB weaker at ₽99.1325.

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

Author: Sandro F. Puglisi

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