October 4, 2023 – Market Update

The comment

US farm markets were lightly mixed, but mostly lower, on Tuesday.
Anec forecasts Brazilian corn exports will reach 8.90 MMT in October.
EU soft wheat exports reached 7.39 million metric tons by Oct. 1.
Two cargo with Russian wheat arrived in Sfax.
As of October 4, Ukraine exported 6.822 million tonnes of grains and pulses, of which 153 thsd tonnes were shipped in October.
Russia will supply the world market with about 1 MMT less of wheat in October.
Farmers in Kazakhstan have threshed 11.7 million metric tons of grain as of Oct.4.
Chinese exports to the G7 nations have seen a notable decrease between Mar ’22 and Aug ’23.
Indonesia’s Palm Oil Association sees stocks at around 3.2 million metric tons by the year’s end.
In Central Queensland chickpea prices have hit a high not seen since early 2020.

The markets

Chicago wheat Dec contract was up 3.6c/bu to 568.4c/bu;
Kansas wheat Dec contract was up 6.4c/bu to 683.2c/bu;
Minneapolis wheat Dec contract was up 6.6c/bu to 725.4c/bu;
MATIF wheat Dec contract, was up €4/t to €236.5/t;
ASX wheat Jan 24, was up A$6/t to A$412.5/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was unchanged to 979.48c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.55/t to C$504.92/t;
EDW (EU durum) Dec contract, was unchanged to €396/t;
Chicago corn Dec was down 1.2c/bu to 487.4c/bu;
MATIF corn Nov was up €0.5/t to €207/t;
Chicago soybeans Nov down 4.2c/bu to 1272.6c/bu;
Winnipeg canola Nov up C$10.4/t to C$717.4/t;
MATIF rapeseed Nov contract, was down €0.25/t to €447.25/t;
Brent crude Dec was up US$0.21 per barrel to $90.92;
WTI crude Nov was up US$0.41 per barrel to $89.23;
BADI (Baltic Dry Index) was up 43 points to 1.780;
Dow Jones was down 430.97 points to 33.002,38;
S&P 500 was down 58.94 points to 4.229,45;
NASDAQ Composite down 248.31 points to 13.059,47;
US dollar index (Dec ’23) was up 0.113 points to 106.719;
AUD/USD weaker at US$0.6302;
USD/CAD firmer at $1.3704;
EUR/USD weaker at $1.0466;
USD/RUB firmer at ₽100.0958.

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

Author: Sandro F. Puglisi

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