October 27, 2023 – Market Update

The comment

US farm markets were mixed, on Thursday.
Corn and soybeans faded, while wheat held gains.
Through the week ending Oct 22, Canadian farmers have delivered 103,6k mt of durum, exported 641.3K, while visible stocks were at 564K.
China may have canceled as many as 8 – 10 cargoes of Brazilian soybeans for Nov. by major global firms.
Nearly 7% Argentina 2023/24 wheat crop has already been harvested.
The European Commission lowered its forecast of European Union exports of common wheat, for 2023/24 season.
South Africa’s Crop Estimates Committee updated its 2023 crop production estimates.
Ukraine has harvested 63.2 million metric tons of grain and oilseeds from the 2023 harvest so far.
The State Duma of Russia recommended the government to lift restrictions on grain exports.
China’s wheat planting has progressed quickly this season, and production forecasts at a high of 139.9Mt.
Malaysian palm oil prices extended gains, recording its steepest gains in two weeks.
Aussie local markets were subdued, as good progress is being made, with early harvest kicking off.

The markets

Chicago wheat Dec contract was up 11c/bu to 579.4c/bu;
Kansas wheat Dec contract was up 5.6c/bu to 654.6c/bu;
Minneapolis wheat Dec contract was up 3.4c/bu to 724.2c/bu;
MATIF wheat Dec contract, was up €1.5/t to €233.5/t;
ASX wheat Jan 24, was up A$1/t to A$393/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was up 1.08c/bu to 914.83c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.11/t to C$470.13/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 0.6c/bu to 479.2c/bu;
MATIF corn Nov was down €0.5/t to €202/t;
Chicago soybeans Nov down 8.6c/bu to 1279.4c/bu;
Winnipeg canola Nov contract, was down C$11.2/t to C$666.9/t;
MATIF rapeseed Nov contract, was down €5/t to €406.5/t;
Brent crude Dec was down US$2.20 per barrel to $87.93;
WTI crude Dec was down US$2.18 per barrel to $83.21;
BADI (Baltic Dry Index) was down 170 points to 1.662;
Dow Jones was down 251.63 points to 32.784,30;
S&P 500 was down 49.54 points to 4.137,23;
NASDAQ Composite down 225.62 points to 12.595,60;
US dollar index (Dec ’23) was up 0.070 points to 106.422;
AUD/USD firmer at US$0.6322;
USD/CAD firmer at $1.3831;
EUR/USD weaker at $1.0562;
USD/RUB weaker at ₽93.6575.

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

Author: Sandro F. Puglisi

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