DAILY MARKET WIRE
October 6, 2023 – Market Update
The comment
US farm markets made solid inroads, on Thursday.
Corn and wheat grabbed double-digit gains, soybeans also moved up.
Harvest is complete for most producers across the Saskatchewan grain belt.
Heavy rainfall in Southern Brazil in some cases is damaging the 1st corn crop, causing replanting for certain fields.
European wheat prices edged up, moving away from a three-week low. Rapeseed plunged 3.3%.
Wheat consumption in Nigeria is projected to decrease to 4.5 million tonnes in marketing year 2023-24.
Ukraine is likely to sow less winter wheat than it initially expected for the 2024 harvest.
The grain harvest in Russia in 2023 may reach 135 million tonnes,wheat 90 million tonnes.
Malaysian palm oil prices closed lower, on weaker demand from top buyers such as India and China.
Australia exported wheat for 2.19 MMT in August.
Corn and wheat grabbed double-digit gains, soybeans also moved up.
Harvest is complete for most producers across the Saskatchewan grain belt.
Heavy rainfall in Southern Brazil in some cases is damaging the 1st corn crop, causing replanting for certain fields.
European wheat prices edged up, moving away from a three-week low. Rapeseed plunged 3.3%.
Wheat consumption in Nigeria is projected to decrease to 4.5 million tonnes in marketing year 2023-24.
Ukraine is likely to sow less winter wheat than it initially expected for the 2024 harvest.
The grain harvest in Russia in 2023 may reach 135 million tonnes,wheat 90 million tonnes.
Malaysian palm oil prices closed lower, on weaker demand from top buyers such as India and China.
Australia exported wheat for 2.19 MMT in August.
The markets
Chicago wheat Dec contract was up 18.2c/bu to 578.2c/bu;
Kansas wheat Dec contract was up 24c/bu to 690.4c/bu;
Minneapolis wheat Dec contract was up 19.6c/bu to 731.4c/bu;
MATIF wheat Dec contract, was up €1.25/t to €235.25/t;
ASX wheat Jan 24, was down A$1/t to A$407/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 1.79c/bu to 975.17c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.21/t to C$504.79/t;
EDW (EU durum) Dec contract, was unchanged to €398.5/t;
Chicago corn Dec was up 11.4c/bu to 497.4c/bu;
MATIF corn Nov was up €0.25/t to €205/t;
Chicago soybeans Nov up 7.6c/bu to 1280.6c/bu;
Winnipeg canola Nov up C$0.4/t to C$711.2/t;
MATIF rapeseed Nov contract, was down €14.5/t to €424.5/t;
Brent crude Dec was down US$1.74 per barrel to $84.07;
WTI crude Nov was down US$1.91 per barrel to $82.31;
BADI (Baltic Dry Index) was up 49 points to 1.827;
Dow Jones was down 9.98 points to 33.119,57;
S&P 500 was down 5.56 points to 4.258,19;
NASDAQ Composite down 16.18 points to 13.219,83;
US dollar index (Dec ’23) was down 0.465 points to 106.065;
AUD/USD firmer at US$0.6370;
USD/CAD weaker at $1.3704;
EUR/USD firmer at $1.0547;
USD/RUB weaker at ₽100.1199.
Kansas wheat Dec contract was up 24c/bu to 690.4c/bu;
Minneapolis wheat Dec contract was up 19.6c/bu to 731.4c/bu;
MATIF wheat Dec contract, was up €1.25/t to €235.25/t;
ASX wheat Jan 24, was down A$1/t to A$407/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 1.79c/bu to 975.17c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.21/t to C$504.79/t;
EDW (EU durum) Dec contract, was unchanged to €398.5/t;
Chicago corn Dec was up 11.4c/bu to 497.4c/bu;
MATIF corn Nov was up €0.25/t to €205/t;
Chicago soybeans Nov up 7.6c/bu to 1280.6c/bu;
Winnipeg canola Nov up C$0.4/t to C$711.2/t;
MATIF rapeseed Nov contract, was down €14.5/t to €424.5/t;
Brent crude Dec was down US$1.74 per barrel to $84.07;
WTI crude Nov was down US$1.91 per barrel to $82.31;
BADI (Baltic Dry Index) was up 49 points to 1.827;
Dow Jones was down 9.98 points to 33.119,57;
S&P 500 was down 5.56 points to 4.258,19;
NASDAQ Composite down 16.18 points to 13.219,83;
US dollar index (Dec ’23) was down 0.465 points to 106.065;
AUD/USD firmer at US$0.6370;
USD/CAD weaker at $1.3704;
EUR/USD firmer at $1.0547;
USD/RUB weaker at ₽100.1199.
