October 18, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower, on Tuesday.
Soybeans grabbed double-digit gains, while corn and wheat slid.
Brazil’s Abiove predicted a record-breaking soybean production of 164.71 MMT for the upcoming 2023/24 season.
European grain prices continued their downward correction.
The Suez Canal Authority announced will raise the transit fees for ships passing through the canal, effective from 15 Jan ’24.
Ukraine’s grain exports reached 7.8 MMT so far this season.
Russia and China signed a contract worth around $25.7 bln to supply grains, legumes, and oilseeds for 70 mln tons.
China’s corn prices have fallen to their lowest level in two years.
Indian wheat prices surged to an eight-month high.
Aussie local markets were softer yesterday, but losses in canola were capped by a slower grower selling.

The markets

Chicago wheat Dec contract was down 6.6c/bu to 570.4c/bu;
Kansas wheat Dec contract was down 2c/bu to 666.6c/bu;
Minneapolis wheat Dec contract was down 1c/bu to 727.6c/bu;
MATIF wheat Dec contract, was down €1.25/t to €236/t;
ASX wheat Jan 24, was down A$1/t to A$406/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 6c/bu to 942.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.11/t to C$482.22/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 1c/bu to 489c/bu;
MATIF corn Nov was down €0.5/t to €201.25/t;
Chicago soybeans Nov up 10.4c/bu to 1296.6c/bu;
Winnipeg canola Nov contract, was down C$4/t to C$719.2/t;
MATIF rapeseed Nov contract, was down €4.25/t to €420/t;
Brent crude Dec was up US$0.25 per barrel to $89.90;
WTI crude Nov was unchanged to $86.66;
BADI (Baltic Dry Index) was up 86 points to 2.058;
Dow Jones was up 13.11 points to 33.997,65;
S&P 500 was down 0.43 points to 4.373,20;
NASDAQ Composite down 34.24 points to 13.533,75;
US dollar index (Dec ’23) was up 0.012 points to 106.046;
AUD/USD firmer at US$0.6365;
USD/CAD firmer at $1.3647;
EUR/USD firmer at $1.0577;
USD/RUB firmer at ₽98.0215.

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

Author: Sandro F. Puglisi

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