September 12, 2023 – Market Update

The comment

Corn and soybean rose, on the yield cuts expected in the WASDE, while wheat hits contract lows.
Brazilian farmers had harvested 93% of the area planted for their second corn crop by Sep. 07.
European wheat prices fell, as continuing competition from Black Sea supplies depressed sentiment.
Egypt has imported about 2.140 million tons of wheat during the current fiscal year.
Iraq had a year worth of wheat reserves thanks to a successful agricultural season.
Ukrainian farmers as of Sep 11, have already planted 1,155 thsd ha of winter oilseed and grains.
Russia as of Sept.6 had already threshed over 108 million tons of grains.
The total supply of food wheat in Kazakhstan may amount to more than 9.5 mln tonnes in 2023/24 MY.
The Chinese government suspended CIQ inspections until Sep 11, to put pressure on domestic prices.
Malaysian palm oil prices fell for the sixth consecutive day.
Australia exported above 2,68 MMT of wheat in July.

The markets

Chicago wheat Dec contract was down 11.2c/bu to 584.4c/bu;
Kansas wheat Dec contract was down 8.2c/bu to 723.6c/bu;
Minneapolis wheat Dec contract was down 4c/bu to 766.6c/bu;
MATIF wheat Dec contract, was down €2/t to €234.25/t;
ASX wheat Jan 24, was down A$2/t to A$418/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was up 1.55 c/bu to 966.55c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.39/t to C$507.38/t;
EDW (EU durum) Dec contract, was up €12/t to €432/t;
Chicago corn Dec was up 2c/bu to 485.6c/bu;
MATIF corn Nov was down €1/t to €211.5/t;
Chicago soybeans Nov up 6c/bu to 1369c/bu;
Winnipeg canola Nov down C$12.5/t to C$767.6/t;
MATIF rapeseed Nov contract, was down €4.5/t to €444.5/t;
Brent crude Nov was down US$0.01 per barrel to $90.64;
WTI crude Oct was down US$0.22 per barrel to $87.29;
BADI (Baltic Dry Index) was up 23 points to 1.209;
Dow Jones was up 87.12 points to 34.663,72;
S&P 500 was up 29.97 points to 4.487,46;
NASDAQ Composite up 156.37 points to 13.917,90;
US dollar index (Dec ’23) was down 0.525 points to 104.186;
AUD/USD firmer at US$0.6429;
USD/CAD weaker at $1.3569;
EUR/USD firmer at $1.0750;
USD/RUB weaker at ₽94.3300.

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

Author: Sandro F. Puglisi

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