October 17, 2023 – Market Update

The comment

US farm markets were lightly mixed, on Monday.
Brazil’s 2023/24 soybean planting has reached as of last Thursday 17% of the expected area, AgRural said.
Argentina left to sell, only 3.4 Mt of 2022/23 soybean crops.
European grain markets were slightly mixed, with wheat closing unchanged, while corn prices were correcting slightly higher.
Ukrainian farmers had sown around 3.3 million hectares of winter grain crops as of Oct. 16.
Russia’s grain crop this year will reach 141.6 MMT, IKAR said; maize crop forecast is to 16.4 million tons.
Malaysian palm oil prices rose for a third straight session, hitting their highest closing in nearly three weeks.
South Australian growers delivered 67,862 tonnes of grain into the Viterra network in the week to Sunday.

The markets

Chicago wheat Dec contract was down 2.4c/bu to 577.2c/bu;
Kansas wheat Dec contract was down 0.2c/bu to 668.6c/bu;
Minneapolis wheat Dec contract was up 6.6c/bu to 728.6c/bu;
MATIF wheat Dec contract, was unchanged to €237.25/t;
ASX wheat Jan 24, was up A$4/t to A$407/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 5.47c/bu to 936.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$4.41/t to C$482.11/t;
EDW (EU durum) Dec contract, was down €0.5 to €390.5/t;
Chicago corn Dec was down 3.2c/bu to 490c/bu;
MATIF corn Nov was up €1.5/t to €201.75/t;
Chicago soybeans Nov up 6c/bu to 1286.2c/bu;
Winnipeg canola Nov contract, was up C$3.2/t to C$723.2/t;
MATIF rapeseed Nov contract, was down €1.25/t to €424.25/t;
Brent crude Dec was down US$1.24 per barrel to $89.65;
WTI crude Nov was down US$1.03 per barrel to $86.66;
BADI (Baltic Dry Index) was up 27 points to 1.972;
Dow Jones was up 314.25 points to 33.984,54;
S&P 500 was up 45.85 points to 4.373,63;
NASDAQ Composite up 160.75 points to 13.567,98;
US dollar index (Dec ’23) was down 0.400 points to 106.034;
AUD/USD firmer at US$0.6342;
USD/CAD weaker at $1.3610;
EUR/USD firmer at $1.0560;
USD/RUB weaker at ₽97.4182.

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

Author: Sandro F. Puglisi

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