October 2, 2023 – Market Update

The comment

US farm markets faced a significant setback, on Friday.
Saskatchewan farmers during the week ended Sept. 25, had 91 per cent of the province’s crops off the field.
Safras & Mercado estimates Brazil’s 23/24 soy exports will hit 99 MMT.
Wheat prices in northern Europe were still higher compared with the Black Sea origins.
The Agriculture Ministry of Tunisia is working to support some foreign exchange-generating agricultural sectors.
Ukraine has harvested 41.7 million metric tons of grain and oilseeds from the new 2023 harvest so far.
Russia’s on-farm wheat stocks as of Sep 1 were at 28.8 mmt.
China may have booked between 500k MT and 1 MMT of Ukrainian corn for Oct-Dec shipment.
The Food Corporation of India (FCI) plans to complete the construction of 3-million-tonne-capacity wheat silos throughout the country by November.
Harvest is under way through Queensland, northern NSW and parts of SA.

The markets

Chicago wheat Dec contract was down 37.2c/bu to 541.4c/bu;
Kansas wheat Dec contract was down 21.2c/bu to 663.6c/bu;
Minneapolis wheat Dec contract was down 37.6c/bu to 709.2c/bu;
MATIF wheat Dec contract, was down €4/t to €235.5/t;
ASX wheat Jan 24, was down A$3/t to A$414/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 11.41c/bu to 981c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.31/t to C$504.45/t;
EDW (EU durum) Dec contract, was unchenged to €400.5/t;
Chicago corn Dec was down 11.6c/bu to 476.6c/bu;
MATIF corn Nov was down €2/t to €208.25/t;
Chicago soybeans Nov down 25.4c/bu to 1275c/bu;
Winnipeg canola Nov down C$8.5/t to C$707/t;
MATIF rapeseed Nov contract, was down €2.5/t to €442.5/t;
Brent crude Dec was down US$0.90 per barrel to $92.20;
WTI crude Nov was down US$0.92 per barrel to $90.79;
BADI (Baltic Dry Index) was down 15 points to 1.701;
Dow Jones was down 158.84 points to 33.507,50;
S&P 500 was down 11.65 points to 4.288,05;
NASDAQ Composite up 18.05 points to 13.219,32;
US dollar index (Dec ’23) was down 0.118 points to 105.815;
AUD/USD firmer at US$0.6430;
USD/CAD firmer at $1.3578;
EUR/USD firmer at $1.0574;
USD/RUB weaker at ₽96.4802.

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

Author: Sandro F. Puglisi

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