DAILY MARKET WIRE
September 1, 2023 – Market Update
The comment
US farm markets eased slightly lower on Thursday, but both corn and wheat posted heavy monthly losses.
Saskatchewan harvest, as of August 28, 2023 was for one-third complete with 33 per cent of the crop in the bin. Durum was 48% complete.
The Panama Canal Authority is reportedly holding auctions to allow ships to jump the queue to avoid long costly waits.
The Argentine wheat crop has had another hard year.
European wheat fell to a seven-week low, despite a first sale of French wheat to Egypt in more than a year.
Almost 2.7 million tons of wheat were offered in the first round of the GASC tender this week. Ukraine started harvesting oilseeds – sunflower seeds and soybeans, according to the Ministry of Agrarian Policy data.
IKAR revised its estimate for Russian wheat crop this year to 91.0 million metric tons (mmt) and said Russia could export 49.5 mmt of wheat in the 2023/24 season.
China stepped up measures to boost the country’s faltering economy.
Malaysian palm oil rose for three consecutive months in August.
Australia is on track to export 31.4Mt of wheat this marketing year.
Saskatchewan harvest, as of August 28, 2023 was for one-third complete with 33 per cent of the crop in the bin. Durum was 48% complete.
The Panama Canal Authority is reportedly holding auctions to allow ships to jump the queue to avoid long costly waits.
The Argentine wheat crop has had another hard year.
European wheat fell to a seven-week low, despite a first sale of French wheat to Egypt in more than a year.
Almost 2.7 million tons of wheat were offered in the first round of the GASC tender this week. Ukraine started harvesting oilseeds – sunflower seeds and soybeans, according to the Ministry of Agrarian Policy data.
IKAR revised its estimate for Russian wheat crop this year to 91.0 million metric tons (mmt) and said Russia could export 49.5 mmt of wheat in the 2023/24 season.
China stepped up measures to boost the country’s faltering economy.
Malaysian palm oil rose for three consecutive months in August.
Australia is on track to export 31.4Mt of wheat this marketing year.
The markets
Chicago wheat Sep contract was down 3.6c/bu to 573c/bu;
Kansas wheat Sep contract was up 7.2c/bu to 726.4c/bu;
Minneapolis wheat Sep contract was down 13.6c/bu to 735c/bu;
MATIF wheat Sep contract, was down €3.5/t to €224.25/t;
ASX wheat Jan 24, was down A$1.5/t to A$403.5/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was up 7.58 c/bu to 986.91c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$8.55/t to C$511.37/t;
EDW (EU durum) Sep contract, was down €6.5/t to €408.25/t;
Chicago corn Sep was down 0.6c/bu to 461c/bu;
MATIF corn Nov was down €2/t to €212/t;
Chicago soybeans Sep down 21.2c/bu to 1360c/bu;
Winnipeg November canola contract down C$0.5/t to C$808.7/t;
MATIF rapeseed Nov contract, was up €3.75/t to €468.75/t;
Brent crude Nov was up US$1.59 per barrel to $86.83;
WTI crude Oct was up US$2.00 per barrel to $83.63;
BADI (Baltic Dry Index) was down 8 points to 1.086;
Dow Jones was down 168.33 points to 34.721,91;
S&P 500 was down 7.21 points to 4.507,66;
NASDAQ Composite up 15.66 points to 14.034,97;
US dollar index (Sep ’23) was up 0.494 points to 103.587;
AUD/USD firmer at US$0.6484;
USD/CAD weaker at $1.3508;
EUR/USD weaker at $1.0843;
USD/RUB weaker at ₽95.8761.
Kansas wheat Sep contract was up 7.2c/bu to 726.4c/bu;
Minneapolis wheat Sep contract was down 13.6c/bu to 735c/bu;
MATIF wheat Sep contract, was down €3.5/t to €224.25/t;
ASX wheat Jan 24, was down A$1.5/t to A$403.5/t;
Black Sea wheat Sep contract was not quoted;
US DWI Cash (durum wheat index) was up 7.58 c/bu to 986.91c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$8.55/t to C$511.37/t;
EDW (EU durum) Sep contract, was down €6.5/t to €408.25/t;
Chicago corn Sep was down 0.6c/bu to 461c/bu;
MATIF corn Nov was down €2/t to €212/t;
Chicago soybeans Sep down 21.2c/bu to 1360c/bu;
Winnipeg November canola contract down C$0.5/t to C$808.7/t;
MATIF rapeseed Nov contract, was up €3.75/t to €468.75/t;
Brent crude Nov was up US$1.59 per barrel to $86.83;
WTI crude Oct was up US$2.00 per barrel to $83.63;
BADI (Baltic Dry Index) was down 8 points to 1.086;
Dow Jones was down 168.33 points to 34.721,91;
S&P 500 was down 7.21 points to 4.507,66;
NASDAQ Composite up 15.66 points to 14.034,97;
US dollar index (Sep ’23) was up 0.494 points to 103.587;
AUD/USD firmer at US$0.6484;
USD/CAD weaker at $1.3508;
EUR/USD weaker at $1.0843;
USD/RUB weaker at ₽95.8761.
