October 16, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower, on Friday.
Despite prices continuing to come down for feed grains in Western Canada, demand for them is currently at a standstill.
Brazilian farmers have planted 17.35% of the area for the 2023/2024 soybean crop, Patria Agronegocios said.
BAGE reported that for the week ending Oct, 11 Argentina 2023-24 wheat conditions was rated at 58% fair/excellent.
European wheat prices rose for a second session in a row, rebounding further from a four-month low and posting a 1% weekly gain.
On October 12, three more vessels entered the ports of Greater Odesa via the temporary humanitarian corridor.
Russian President Vladimir Putin will travel to China this week to meet Xi Jinping.
The Iranian government’s failure to announce new “guaranteed purchase prices” for wheat and full payment for last year has led to a delay in next season’s cultivation.
China bought more U.S. soft red winter wheat, USDA said.
Exports of Malaysian palm oil products for Oct. 1-10 rose 12.5% to 29.6% from a month earlier, data from cargo surveyors showed.
Aussie NAB Rural Commodities Index fell 4.6% in Sep and is now 34% below the peak in rural prices back in June 2022.

The markets

Chicago wheat Dec contract was up 8.2c/bu to 579.6c/bu;
Kansas wheat Dec contract was down 6c/bu to 669c/bu;
Minneapolis wheat Dec contract was down 1.4c/bu to 722c/bu;
MATIF wheat Dec contract, was up €4/t to €237.25/t;
ASX wheat Jan 24, was up A$13/t to A$403/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 7.14c/bu to 942.14c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$7.85/t to C$486.52/t;
EDW (EU durum) Dec contract, was down €7.5 to €391/t;
Chicago corn Dec was down 2.6c/bu to 493.2c/bu;
MATIF corn Nov was up €0.5/t to €200.25/t;
Chicago soybeans Nov down 9.6c/bu to 1280.2c/bu;
Winnipeg canola Nov contract, was up C$7.4/t to C$720/t;
MATIF rapeseed Nov contract, was up €10.5/t to €425.5/t;
Brent crude Dec was up US$4.89 per barrel to $90.89;
WTI crude Nov was up US$4.78 per barrel to $87.69;
BADI (Baltic Dry Index) was up 10 points to 1.945;
Dow Jones was up 39.51 points to 33.670,29;
S&P 500 was down 21.83 points to 4.327,78;
NASDAQ Composite down 166.99 points to 13.407,23;
US dollar index (Dec ’23) was up 0.067 points to 106.434;
AUD/USD weaker at US$0.6295;
USD/CAD weaker at $1.3654;
EUR/USD weaker at $1.0507;
USD/RUB weaker at ₽97.7051.

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

Author: Sandro F. Puglisi

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