October 9, 2023 – Market Update

The comment

US farm markets closed with some bearish sentiments, on Friday.
Corn prices dropped, soybeans stumbled, the rest of the soy complex was mixed, while wheat prices suffered variable losses.
Harvest in Alberta reached 88% complete, as of October 3.
According to IMEA, as of October 6, the soybean planting area in Mato Grosso, was 14.25% complete.
European wheat prices ended slightly lower on Friday, but little changed, over the week.
Saudi Arabia has provided the Darfur and Blue Nile regions with 53 tons of wheat.
Russia harvested more than 133.5 MMT of grain, as of October 5, Russia Grain Union, said.
According to the USDA attaché in Beijing, China’s MY2023/24 grain feed, and residual use to increase slightly from MY 2022/23.
Malaysian palm oil prices closed lower on Friday, extending losses for a third straight session and posting a 4.4% weekly fall.
Australia exported 77,616 tonnes of chickpeas and 143,640t of lentils in August, according to the latest data from the Australian Bureau of Statistics.

The markets

Chicago wheat Dec contract was down 10c/bu to 568.2c/bu;
Kansas wheat Dec contract was down 16.6c/bu to 673.6c/bu;
Minneapolis wheat Dec contract was down 11c/bu to 720.4c/bu;
MATIF wheat Dec contract, was down €0.5/t to €234.75/t;
ASX wheat Jan 24, was up A$1/t to A$408/t;
Black Sea wheat Dec contract not quoted since August 11, 2023;
US DWI Cash (durum wheat index) was down 10.84c/bu to 964.33c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$4.54/t to C$500.25/t;
EDW (EU durum) Dec contract, was unchanged to €398.5/t;
Chicago corn Dec was down 5.4c/bu to 492c/bu;
MATIF corn Nov was down €0.25/t to €204.75/t;
Chicago soybeans Nov down 14.6c/bu to 1266c/bu;
Winnipeg canola Nov down C$0.6/t to C$710.6/t;
MATIF rapeseed Nov contract, was up €1.75/t to €426.25/t;
Brent crude Dec was up US$0.51 per barrel to $84.58;
WTI crude Nov was up US$0.48 per barrel to $82.79;
BADI (Baltic Dry Index) was up 102 points to 1.929;
Dow Jones was up 288.01 points to 33.407,58;
S&P 500 was up 50.31 points to 4.308,50;
NASDAQ Composite up 211.51 points to 13.431,34;
US dollar index (Dec ’23) was down 0.281 points to 105.784;
AUD/USD firmer at US$0.6384;
USD/CAD weaker at $1.3657;
EUR/USD firmer at $1.0584;
USD/RUB firmer at ₽100.9915.

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

Author: Sandro F. Puglisi

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