October 31, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower on Monday.
Brazil’s soybean planting area was 40% complete, first corn crop at 37%, wheat harvest reached 67%.
European wheat price was little changed.
Egypt and Tunisia probed further for agricultural cooperation.
Ukrainian farmers had sown around 5.34 million hectares of winter crops as of Oct. 30.
Russian wheat export prices were flat last week.
In the first month of 2023/24 MY (September), Kazakhstan exported 508.6 thsd tonnes of wheat.
China’s live hog price fell almost 7% on Monday, from a week earlier.
Malaysian palm oil prices closed down, snapping two sessions of gains.
Aussie harvest progress seems to have stalled for now as well below average minimum temperatures hampered harvest pace in the eastern states.

The markets

Chicago wheat Dec contract was down 9.4c/bu to 566c/bu;
Kansas wheat Dec contract was up 2c/bu to 645c/bu;
Minneapolis wheat Dec contract was down 2c/bu to 717.6c/bu;
MATIF wheat Dec contract, was down €0.5/t to €231.75/t;
ASX wheat Jan 24, was down A$2/t to A$393/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was unchanged to 913.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$16.87/t to C$467.39/t;
EDW (EU durum) Dec contract, was unchanged to €390.5/t;
Chicago corn Dec was down 2.4c/bu to 478.2c/bu;
MATIF corn Nov was down €3.75/t to €198/t;
Chicago soybeans Nov down 14.4c/bu to 1282.6c/bu;
Winnipeg canola Nov contract, was down C$14.5/t to C$668/t;
MATIF rapeseed Nov contract, was down €4.5/t to €398.75/t;
Brent crude Jan ’24 was down US$2.85 per barrel to $86.39;
WTI crude Dec was down US$3.23 per barrel to $82.31;
BADI (Baltic Dry Index) was down 61 points to 1.502;
Dow Jones was up 511.37 points to 32.928,96;
S&P 500 was up 49.45 points to 4.166,82;
NASDAQ Composite up 146.47 points to 12.789,48;
US dollar index (Dec ’23) was down 0.446 points to 105.934;
AUD/USD firmer at US$0.6374;
USD/CAD weaker at $1.3826;
EUR/USD firmer at $1.0615;
USD/RUB weaker at ₽92.5501.

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

Author: Sandro F. Puglisi

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