October 25, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower, on Tuesday.
Corn prices fell for a third straight session, and neared a two-week low.
Soybeans managed moderate gains, after falling earlier to its lowest price since Oct. 16.
As of Oct 21, the 2023-24 Brazilian corn planting was 33% complete, soybean 28% complete, wheat harvest was 59% complete.
European wheat prices fell to one-week low.
UK wheat production for 2023-24 is seen at 14 million tonnes.
About 700,000 metric tons of grain have been exported through Ukraine’s new Black Sea export corridor since it began operating in August.
Russia’s grain harvest in 2023 is seen at 140 million tonnes, with an export potential of about 60 million tonnes.
Pakistan government has decided to import 1 MMT of wheat priced at roughly Rs. 86 bn.
Australian farm industry groups, called on the government to not sign a trade deal with the European Union unless it offered much greater market access for Australian agricultural products.

The markets

Chicago wheat Dec contract was down 6.6c/bu to 580.4c/bu;
Kansas wheat Dec contract was down 7.6c/bu to 663c/bu;
Minneapolis wheat Dec contract was down 9.4c/bu to 728.2c/bu;
MATIF wheat Dec contract, was down €3.25/t to €234.5/t;
ASX wheat Jan 24, was down A$4.5/t to A$396/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 4.61c/bu to 913.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$4.97/t to C$473.25/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 6.2c/bu to 484c/bu;
MATIF corn Nov was down €1.75/t to €203.5/t;
Chicago soybeans Nov up 8.4c/bu to 1295.2c/bu;
Winnipeg canola Nov contract, was down C$2.3/t to C$677.5/t;
MATIF rapeseed Nov contract, was up €14.25/t to €405.5/t;
Brent crude Dec was down US$1.76 per barrel to $88.07;
WTI crude Dec was down US$1.75 per barrel to $83.74;
BADI (Baltic Dry Index) was down 68 points to 1.949;
Dow Jones was up 204.97 points to 33.141,38;
S&P 500 was up 30.64 points to 4.247,68;
NASDAQ Composite up 121.55 points to 13.139,88;
US dollar index (Dec ’23) was up 0.746 points to 106.080;
AUD/USD firmer at US$0.6355;
USD/CAD firmer at $1.3740;
EUR/USD weaker at $1.0590;
USD/RUB weaker at ₽93.4638.

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

Author: Sandro F. Puglisi

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