DAILY MARKET WIRE
October 24, 2023 – Market Update
The comment
US farm markets were mixed but mostly lower, on Monday.
Corn and soybeans started the week lower.
The wheat market was supported by the fall in the dollar, and fresh rumors of Chinese buying interest, but prices faded into the close.
Yields estimated by Alberta and Saskatchewan provincial inspectors were revised higher for many crops.
Brazil’s 2023/24 soybean planting has reached as of last Thursday 30% of the expected area.
European grain prices fell amid a rise in the euro/dollar and abundant rainfall in Western Europe.
Egypt plans to import up to 2Mt of wheat by the end of June.
Agricultural producers in Ukraine say a new Black Sea corridor could enable exports of up to 2.5 million metric tons of food a month.
Russian wheat export prices declined again last week.
The Japanese Government holds longstanding ambitions to boost the nation’s food self-sufficiency.
Malaysian palm oil prices fell, weighed by weakness in rival Dalian vegetable oils and crude oil.
Aussie local markets ended the day a touch softer starting the week.
Corn and soybeans started the week lower.
The wheat market was supported by the fall in the dollar, and fresh rumors of Chinese buying interest, but prices faded into the close.
Yields estimated by Alberta and Saskatchewan provincial inspectors were revised higher for many crops.
Brazil’s 2023/24 soybean planting has reached as of last Thursday 30% of the expected area.
European grain prices fell amid a rise in the euro/dollar and abundant rainfall in Western Europe.
Egypt plans to import up to 2Mt of wheat by the end of June.
Agricultural producers in Ukraine say a new Black Sea corridor could enable exports of up to 2.5 million metric tons of food a month.
Russian wheat export prices declined again last week.
The Japanese Government holds longstanding ambitions to boost the nation’s food self-sufficiency.
Malaysian palm oil prices fell, weighed by weakness in rival Dalian vegetable oils and crude oil.
Aussie local markets ended the day a touch softer starting the week.
The markets
Chicago wheat Dec contract was up 1.2c/bu to 587.2c/bu;
Kansas wheat Dec contract was up 0.6c/bu to 670.6c/bu;
Minneapolis wheat Dec contract was up 7c/bu to 737.6c/bu;
MATIF wheat Dec contract, was down €2.25/t to €237.75/t;
ASX wheat Jan 24, was down A$1.5/t to A$400.5/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 9.65c/bu to 918.28c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$1.86/t to C$478.22/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 5.2c/bu to 490.2c/bu;
MATIF corn Nov was down €1/t to €205.25/t;
Chicago soybeans Nov down 15.4c/bu to 1286.6c/bu;
Winnipeg canola Nov contract, was down C$14.6/t to C$679.8/t;
MATIF rapeseed Nov contract, was down €2.75/t to €391.25/t;
Brent crude Dec was down US$2.33 per barrel to $89.83;
WTI crude Dec was down US$2.59 per barrel to $85.49;
BADI (Baltic Dry Index) was down 29 points to 2.017;
Dow Jones was down 190.87 points to 32.936,41;
S&P 500 was down 7.12 points to 4.217,04;
NASDAQ Composite up 34.52 points to 13.018,33;
US dollar index (Dec ’23) was down 0.654 points to 105.334;
AUD/USD firmer at US$0.6335;
USD/CAD weaker at $1.3691;
EUR/USD firmer at $1.0669;
USD/RUB weaker at ₽94.4250.
Kansas wheat Dec contract was up 0.6c/bu to 670.6c/bu;
Minneapolis wheat Dec contract was up 7c/bu to 737.6c/bu;
MATIF wheat Dec contract, was down €2.25/t to €237.75/t;
ASX wheat Jan 24, was down A$1.5/t to A$400.5/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 9.65c/bu to 918.28c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$1.86/t to C$478.22/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 5.2c/bu to 490.2c/bu;
MATIF corn Nov was down €1/t to €205.25/t;
Chicago soybeans Nov down 15.4c/bu to 1286.6c/bu;
Winnipeg canola Nov contract, was down C$14.6/t to C$679.8/t;
MATIF rapeseed Nov contract, was down €2.75/t to €391.25/t;
Brent crude Dec was down US$2.33 per barrel to $89.83;
WTI crude Dec was down US$2.59 per barrel to $85.49;
BADI (Baltic Dry Index) was down 29 points to 2.017;
Dow Jones was down 190.87 points to 32.936,41;
S&P 500 was down 7.12 points to 4.217,04;
NASDAQ Composite up 34.52 points to 13.018,33;
US dollar index (Dec ’23) was down 0.654 points to 105.334;
AUD/USD firmer at US$0.6335;
USD/CAD weaker at $1.3691;
EUR/USD firmer at $1.0669;
USD/RUB weaker at ₽94.4250.
