October 13, 2023 – Market Update

The comment

US farm markets made solid inroads, on Thursday.
Grains surged post WASDE report, with surprise cut in global soybean stocks …
Corn carryover was also cut more than expected …
Wheat followed row crops higher, despite a bearish report, as USDA lowered projection for global supplies …
Argentina’s 2023/2024 wheat crop is seen at 16.2 MMT, BAGE said; wheat harvest is setting to start in the coming weeks.
European wheat prices gained 1% following USDA WASDE report, but stiff competition from Black Sea origins capped gains.
Tunisia bougth 100,000 t of durum wheat in an international tender on Friday, at an average price of $417.92 a ton C&F. Shipment is for Nov. 1-30.
Ukraine has so far harvested nearly 52.5 million tons of grain and oilseeds.
In the latest GASC tender, the offers of Russian wheat were all aligned at $260 a ton FOB.
China’s agriculture ministry lifted its forecast for the upcoming corn crop by 1.15% to a record 288 million metric tons.
India’s palm oil imports in September reached to 834,797 metric tons.
GIAV crop tour in Australia was taking place this week. Early indications suggest Vic is in exceptionally good shape. Wheat and barley yield potential is looking above average.

The markets

Chicago wheat Dec contract was up 15.4c/bu to 571.4c/bu;
Kansas wheat Dec contract was up 7.6c/bu to 675c/bu;
Minneapolis wheat Dec contract was up 5.2c/bu to 723.4c/bu;
MATIF wheat Dec contract, was up €2.25/t to €233.25/t;
ASX wheat Jan 24, was down A$9/t to A$390/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 11.61c/bu to 935.00c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$4.8/t to C$494.37/t;
EDW (EU durum) Dec contract, was unchanged to €398.5/t;
Chicago corn Dec was up 8c/bu to 496c/bu;
MATIF corn Nov was up €0.25/t to €199.75/t;
Chicago soybeans Nov up 37.4c/bu to 1290c/bu;
Winnipeg canola Nov contract, was up C$9.9/t to C$712.6/t;
MATIF rapeseed Nov contract, was up €3.5/t to €415/t;
Brent crude Dec was up US$0.18 per barrel to $86.00;
WTI crude Nov was down US$0.58 per barrel to $82.91;
BADI (Baltic Dry Index) was down 13 points to 1.935;
Dow Jones was down 173.73 points to 33.631,14;
S&P 500 was down 27.34 points to 4.349,61;
NASDAQ Composite down 85.46 points to 13.574,22;
US dollar index (Dec ’23) was up 0.798 points to 106.367;
AUD/USD weaker at US$0.6314;
USD/CAD firmer at $1.3690;
EUR/USD weaker at $1.0528;
USD/RUB weaker at ₽97.7145.

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

Author: Sandro F. Puglisi

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