September 13, 2023 – Market Update

The comment

Chicago corn and soybeans ended lower on disappointing WASDE report, but wheat prices rebounded.
Brazil’s soybean exports should reach 99 million metric tons in 2023, Abiove said.
European wheat prices extended losses to a three-month low.
Ukraine exported 5.37 mln tonnes of grains and pulses, in 2023/24 MY so far.
Russian companies have ceased offering fertilizer such as DAP to India at discounted prices due to tightening global supplies.
China’s CASDE estimated 23/24 corn output at 284.9 MMT, new crop soybean imports at 97.25 MMT.
Malaysian palm oil prices closed down, declining for seven straight sessions.
Aussie canola new crop bids continued to soften and pulses were mostly left unchanged.

The markets

Chicago wheat Dec contract was up 3c/bu to 587.4c/bu;
Kansas wheat Dec contract was up 7c/bu to 730.6c/bu;
Minneapolis wheat Dec contract was up 12.2c/bu to 779c/bu;
MATIF wheat Dec contract, was down €2.25/t to €232/t;
ASX wheat Jan 24, was up A$1/t to A$419/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was up 0.86 c/bu to 967.41c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.22/t to C$507.16/t;
EDW (EU durum) Dec contract, was down €23.25/t to €408.75/t;
Chicago corn Dec was down 9.2c/bu to 476.4c/bu;
MATIF corn Nov was down €1.75/t to €209.75/t;
Chicago soybeans Nov down 22.4c/bu to 1346.4c/bu;
Winnipeg canola Nov down C$15.3/t to C$752.3/t;
MATIF rapeseed Nov contract, was down €14/t to €430.5/t;
Brent crude Nov was up US$1.42 per barrel to $92.06;
WTI crude Oct was up US$1.55 per barrel to $88.84;
BADI (Baltic Dry Index) was up 26 points to 1.235;
Dow Jones was down 17.73 points to 34.645,99;
S&P 500 was down 25.56 points to 4.461,90;
NASDAQ Composite down 144.28 points to 13.773,61;
US dollar index (Dec ’23) was up 0.154 points to 104.340;
AUD/USD weaker at US$0.6426;
USD/CAD weaker at $1.3552;
EUR/USD firmer at $1.0754;
USD/RUB firmer at ₽95.9489.

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

Author: Sandro F. Puglisi

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