October 26, 2023 – Market Update

The comment

US farm markets slumped into the red, on Wednesday.
S&D estimates for Canadian grains and oilseeds saw little change in the latest Outlook for Principal Field Crops from AAFC Canada released Oct. 23.
Brazil seek international investors to get 10 billion reais ($2 billion) in funding before the end of the year, to recover 40 million hectares of degraded pastureland.
Argentina Sep soybean crush was 1.8Mt, with year to date at 21.5Mt.
European wheat price fell for a third session, to its lowest in almost two weeks.
Ukraine suspended the use of its new Black Sea grain corridor on increased Russian military aviation activity in the area.
As of Oct 25, the volume of Russian outstanding wheat sales decreased to 1.6Mt.
Malaysian palm oil prices staged a rebound, though a decline in exports and strengthening ringgit capped gains.
Aussie domestic consumers have stepped up buying, and are meeting solid competition from export accumulators on wheat and barley.

The markets

Chicago wheat Dec contract was down 12c/bu to 568.4c/bu;
Kansas wheat Dec contract was down 14c/bu to 649c/bu;
Minneapolis wheat Dec contract was down 7.4c/bu to 720.6c/bu;
MATIF wheat Dec contract, was down €2.5/t to €232/t;
ASX wheat Jan 24, was down A$4/t to A$392/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 0.8c/bu to 913.75c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$3.23/t to C$470.02/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 4c/bu to 480c/bu;
MATIF corn Nov was down €1/t to €202.5/t;
Chicago soybeans Nov down 7c/bu to 1288.2c/bu;
Winnipeg canola Nov contract, was up C$0.6/t to C$678.1/t;
MATIF rapeseed Nov contract, was up €6/t to €411.5/t;
Brent crude Dec was up US$2.06 per barrel to $90.13;
WTI crude Dec was up US$1.65 per barrel to $85.39;
BADI (Baltic Dry Index) was down 117 points to 1.832;
Dow Jones was down 105.45 points to 33.035,93;
S&P 500 was down 60.91 points to 4.186,77;
NASDAQ Composite down 318.65 points to 12.821,22;
US dollar index (Dec ’23) was up 0.272 points to 106.352;
AUD/USD weaker at US$0.6308;
USD/CAD firmer at $1.3796;
EUR/USD weaker at $1.0566;
USD/RUB firmer at ₽93.9860.

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

Author: Sandro F. Puglisi

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