October 19, 2023 – Market Update

The comment

US farm markets mostly moved back into the green, on Wednesday.
The Manitoba Crop Report for the week ending 17 October noted that harvest operations remained interrupted by rainfall across the province.
The Brazilian govt allocated 400 million reais ($79 million) to subsidize wheat trades from the 2023/2024 crop year in a bid to shore up prices.
European grain markets rose in team with Chicago.
Egyptian Minister of Agriculture and Land Reclamation, from Sep 22 to Oct 12 2023, released 319k mt of corn and soybeans, as well as feed additives, worth $170m.
Ukrainian wheat is currently in demand from Asian countries.
Chinese customs data showed Sep corn imports at 3.9Mt; cumulative Jan-Sept corn imports at 16.5Mt.
Punjab Secretary of Agriculture said, a whopping 1.60 million acres of land will be dedicated to wheat cultivation this year.
Australian harvesting of wheat and barley is hitting top pace in the northern half of New South Wales to put pressure on a well-covered domestic market.

The markets

Chicago wheat Dec contract was up 9.6c/bu to 580.2c/bu;
Kansas wheat Dec contract was up 3.6c/bu to 670.4c/bu;
Minneapolis wheat Dec contract was up 5.6c/bu to 733.4c/bu;
MATIF wheat Dec contract, was up €4.5/t to €240.5/t;
ASX wheat Jan 24, was down A$2/t to A$404/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 6.78c/bu to 935.89c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.37/t to C$482.59/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was up 3c/bu to 492c/bu;
MATIF corn Nov was up €4/t to €205.25/t;
Chicago soybeans Nov up 14.2c/bu to 1311c/bu;
Winnipeg canola Nov contract, was down C$7.5/t to C$711.7/t;
MATIF rapeseed Nov contract, was down €1/t to €419/t;
Brent crude Dec was up US$1.60 per barrel to $90.50;
WTI crude Nov was up US$1.66 per barrel to $88.32;
BADI (Baltic Dry Index) was up 47 points to 2.105;
Dow Jones was down 332.57 points to 33.665,08;
S&P 500 was down 58.60 points to 4.314,60;
NASDAQ Composite down 219.44 points to 13.314,30;
US dollar index (Dec ’23) was up 0.308 points to 106.354;
AUD/USD weaker at US$0.6336;
USD/CAD firmer at $1.3715;
EUR/USD weaker at $1.0537;
USD/RUB firmer at ₽98.1029.

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

Author: Sandro F. Puglisi

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