DAILY MARKET WIRE
October 5, 2023 – Market Update
Corn prices suffered a modest setback, while soybeans saw fractional gains.
Wheat prices stumbled resuming its downward slide.
The Manitoba Crop Report showed spring wheat harvest was 99% complete, as of Oct 3.
Argentina needs more rain soon to avoid wheat productivity losses.
EU corn hit a new low under pressure from the French and European harvests.
Tunisia have a new strategy for the development of the grain sector in the country by 2035.
12 more cargo vessels were ready to enter a fledgling Black Sea shipping corridor, Ukraine’s navy said .
As at 2 Oct, Russia wheat harvest had yielded 89Mt from 88pc of total area.
The Dalian Commodity Exchange is closed until Oct. 6 for the Mid-Autumn Festival and National Day.
Refinitiv estimated Malaysian palm oil output at 18.4 MMT for 22/23.
Cool and cloudy conditions over much of south-eastern Australia will delay the rapid ripening of crops; In SA and CQ, harvest is ramping up.
Kansas wheat Dec contract was down 16.6c/bu to 666.4c/bu;
Minneapolis wheat Dec contract was down 13.6c/bu to 711.6c/bu;
MATIF wheat Dec contract, was down €2.5/t to €234/t;
ASX wheat Jan 24, was down A$4.5/t to A$408/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 2.52c/bu to 976.96c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.08/t to C$505/t;
EDW (EU durum) Dec contract, was up €2.5/t to €398.5/t;
Chicago corn Dec was down 1.4c/bu to 486c/bu;
MATIF corn Nov was down €2.25/t to €204.75/t;
Chicago soybeans Nov up 0.2c/bu to 1273c/bu;
Winnipeg canola Nov down C$6.6/t to C$710.8/t;
MATIF rapeseed Nov contract, was down €8.25/t to €439/t;
Brent crude Dec was down US$5.11 per barrel to $85.81;
WTI crude Nov was down US$5.01 per barrel to $84.22;
BADI (Baltic Dry Index) was down 2 points to 1.778;
Dow Jones was up 127.17 points to 33.129,55;
S&P 500 was up 34.34 points to 4.263,75;
NASDAQ Composite up 176.54 points to 13.236,01;
US dollar index (Dec ’23) was down 0.189 points to 106.530;
AUD/USD firmer at US$0.6325;
USD/CAD firmer at $1.3748;
EUR/USD firmer at $1.0504;
USD/RUB firmer at ₽100.3320.