October 3, 2023 – Market Update

The comment

US wheat prices rebounded from multiyear lows, on noticeable amount of bargain buying.
The Alberta Crop Report notes that for the week ending 26 Sept 2023-24 spring wheat harvest was 89pc complete.
Brazil’s 2023/24 soybean planting reached 5.2% of the expected area last week.
Argentina’s government said it would extend the program to boost grain exports to shore up the country’s meagre foreign exchange reserves.
European wheat prices fell, as the market reacted to Friday’s 6% fall in Chicago.
According to the USDA attaché in Algeriers, Algeria’s wheat plated area was estimated at just over 2 million hectares.
The European Union’s crop monitoring service MARS updated its estimate for Turkey’s 2023 grain crops with “above to well-above average yield outlook”.
Ukrainian farmers had sown almost 3 million hectares of winter crops as of Oct. 3.
Russian wheat harvest as of Sept. 28 totalled 88.3 million tons.
China and Russia agreed to collaborate on grain logistics hub construction at their shared border.
Pakistan is projected to harvest a record 28 million tonnes of wheat in the 2023-24 marketing year.
South Australia is expected to harvest a winter crop of around 9 million tonnes.

The markets

Chicago wheat Dec contract was up 23.2c/bu to 564.6c/bu;
Kansas wheat Dec contract was up 13c/bu to 676.6c/bu;
Minneapolis wheat Dec contract was up 9.4c/bu to 718.6c/bu;
MATIF wheat Dec contract, was down €3/t to €232.5/t;
ASX wheat Jan 24, was down A$7.5/t to A$406.5/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 1.52c/bu to 979.48c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$1.02/t to C$505.47/t;
EDW (EU durum) Dec contract, was down €4.5/t to €396/t;
Chicago corn Dec was up 12c/bu to 488.6c/bu;
MATIF corn Nov was down €1.75/t to €206.5/t;
Chicago soybeans Nov up 2c/bu to 1277c/bu;
Winnipeg canola, the market was closed;
MATIF rapeseed Nov contract, was up €5/t to €447.5/t;
Brent crude Dec was down US$1.49 per barrel to $90.71;
WTI crude Nov was down US$1.97 per barrel to $88.82;
BADI (Baltic Dry Index) was up 36 points to 1.737;
Dow Jones was down 74.15 points to 33.433,35;
S&P 500 was up 0.34 points to 4.288,39;
NASDAQ Composite up 88.46 points to 13.307,77;
US dollar index (Dec ’23) was up 0.791 points to 106.606;
AUD/USD weaker at US$0.6363;
USD/CAD firmer at $1.3675;
EUR/USD weaker at $1.0477;
USD/RUB firmer at ₽99.2399.

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

Author: Sandro F. Puglisi

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