October 30, 2023 – Market Update

The comment

US farm markets were mixed but mostly higher, on Friday.
Chicago corn and soybeans edged up, while wheat suffered a setback.
Western Canadian wheat bids took a tumble with durum prices having the largest losses during the week ended Oct. 27.
Scarce rainfall due to the El Nino has caused disparities in the speed of soy planting in Brazil, and could impact sowing of second corn.
European wheat prices eased 0.5%, on Friday, and lost 3.2% over the week.
Turkish durum wheat exports reached 1,096 MMT so far this season.
Ukraine is imposing tighter controls over grain traders to boost revenues to fund its wartime defenses, Bloomberg said.
By the end of Nov, Russia is ready to launch a grain interventions, to purchase up to 2 mln tonnes. Starting prices will be somewhat higher than the current market.
Chinese Ministry of Agriculture has already warned pig producers of a second wave of falling demand for pork in Feb, after the celebration of the New Year 2024.
Indian agriculture ministry said, the country’s overall summer-sown grains output is expected at 148.6 million tonnes in the 2023-24 crop year.
So far Aussie harvest results have been variable to say the least, with yield and quality yet to find a defined trend.

The markets

Chicago wheat Dec contract was down 4c/bu to 575.4c/bu; Kansas wheat Dec contract was down 11.6c/bu to 643c/bu; Minneapolis wheat Dec contract was down 4.4c/bu to 719.6c/bu; MATIF wheat Dec contract, was down €1.25/t to €232.25/t; ASX wheat Jan 24, was up A$2/t to A$395/t; Black Sea wheat Dec contract not quoted since August 11, 2023; US DWI Cash (durum wheat index) was down 1.16c/bu to 913.67c/bu; 1CWAD (Canadian durum wheat) avg spot prices was down C$19.61/t to C$450.52/t; EDW (EU durum) Dec contract, was unchanged to €390.5/t; Chicago corn Dec was up 1.4c/bu to 480.6c/bu; MATIF corn Nov was down €0.25/t to €201.75/t; Chicago soybeans Nov up 17.6c/bu to 1297.2c/bu; Winnipeg canola Nov contract, was up C$15.6/t to C$682.5/t; MATIF rapeseed Nov contract, was down €3.25/t to €403.25/t; Brent crude Dec was up US$2.55 per barrel to $90.48; WTI crude Dec was up US$2.33 per barrel to $85.54; BADI (Baltic Dry Index) was down 99 points to 1.563; Dow Jones was down 366.71 points to 32.417,59; S&P 500 was down 19.86 points to 4.117,37; NASDAQ Composite up 47.41 points to 12.643,01; US dollar index (Dec ’23) was down 0.042 points to 106.380; AUD/USD firmer at US$0.6333; USD/CAD firmer at $1.3874; EUR/USD weaker at $1.0559; USD/RUB firmer at ₽94.1750.

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

Author: Sandro F. Puglisi

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