September 11, 2023 – Market Update

The comment

Chicago wheat prices hit their lowest price in more than three months, but got a little bounce out of the short week …
Corn slipped, but ended the 2-week skid of weaker closes …
Soybeans rose from a two-week low, but faded for the week …
Alberta harvest progress reached 31 per cent complete as of Sept. 5. Durum led the cereals with 79 per cent in the bin.
An EU ban on Ukrainian grain being sold directly in five eastern EU countries, which expires on Sept. 15, is likely to be maintained.
Ukraine can harvest a total of about 80 mln tonnes of grains and oilseeds, the Deputy Chairman of the Ukrainian Agrarian Council, Denis Marchuk said.
Russia to increase legume harvest by 24% in 2023. Turkey, Spain and Italy among the three main importers of Russian grain legumes in 2022/23 MY.
China has asked some fertilizer producers to suspend urea exports after domestic prices jumped, Bloomberg reported.
Malaysian palm oil reserves surged at the end of August, reaching to a 7-month peak.
Australia exported 34,954 tonnes of chickpeas and 127,316t of lentils in July, according to the latest export data from the Australian Bureau of Statistics.

The markets

Chicago wheat Dec contract was down 4c/bu to 595.6c/bu;
Kansas wheat Dec contract was down 5c/bu to 732c/bu;
Minneapolis wheat Dec contract was down 4c/bu to 770.6c/bu;
MATIF wheat Dec contract, was down €2.25/t to €236.25/t;
ASX wheat Jan 24, was down A$4/t to A$420/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was down 1 c/bu to 965c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.23/t to C$507.77/t;
EDW (EU durum) Dec contract, was down €12/t to €420/t;
Chicago corn Dec was down 2.4c/bu to 483.6c/bu;
MATIF corn Nov was down €1.5/t to €212.5/t;
Chicago soybeans Nov up 3.4c/bu to 1363c/bu;
Winnipeg canola Nov down C$2.8/t to C$780.1/t;
MATIF rapeseed Nov contract, was down €5.5/t to €449/t;
Brent crude Nov was up US$0.73 per barrel to $90.65;
WTI crude Oct was up US$0.64 per barrel to $87.51;
BADI (Baltic Dry Index) was up 45 points to 1.186;
Dow Jones was up 75.86 points to 34.576,59;
S&P 500 was up 6.35 points to 4.457,49;
NASDAQ Composite up 12.69 points to 13.761,52;
US dollar index (Dec ’23) was up 0.033 points to 104.711;
AUD/USD weaker at US$0.6374;
USD/CAD weaker at $1.3640;
EUR/USD firmer at $1.0698;
USD/RUB weaker at ₽97.9191.

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

Author: Sandro F. Puglisi

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