September 14, 2023 – Market Update

The comment

Global wheat prices rose following bullish USDA data. US corn prices also moved higher. The soybean market was virtually steady.
Canadian farmers will harvest slightly more wheat and a bit less canola than expected earlier in summer. Durum production at 4.1 million tons.
Anec estimates Brazil’s soybean exports will reach 7.38 MMT in September.
Argentina’s Rosario grains exchange updated its forecast for the 2023/24 wheat harvest to 15 MMT.
French soft wheat harvest showed an average protein content of 11.6pc.
The export potential of Ukrainian ports on the Danube River has been reduced by nearly 0.5 million tons of grain a month.
Russian AgMin confirmed the 2023 grains harvest will reach 130 MMT.
Japan will slash the price at which it sells imported wheat to domestic flour mills from October.
India will release more wheat stocks into the open market to curb prices during the coming festive season.
In Australia harvest has started in earnest this week in Central Queensland.

The markets

Chicago wheat Dec contract was up 9.6c/bu to 597.2c/bu;
Kansas wheat Dec contract was up 14c/bu to 744.6c/bu;
Minneapolis wheat Dec contract was up 8.4c/bu to 787.4c/bu;
MATIF wheat Dec contract, was up €6/t to €238/t;
ASX wheat Jan 24, was up A$4.5/t to A$423.5/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was down 2.69 c/bu to 964.72c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.06/t to C$507.22/t;
EDW (EU durum) Dec contract, was up €1.25/t to €410/t;
Chicago corn Dec was up 5.6c/bu to 482.2c/bu;
MATIF corn Nov was up €1.25/t to €211/t;
Chicago soybeans Nov up 3.2c/bu to 1349.6c/bu;
Winnipeg canola Nov up C$3/t to C$755.3/t;
MATIF rapeseed Nov contract, was up €0.75/t to €431.25/t;
Brent crude Nov was down US$0.18 per barrel to $91.88;
WTI crude Oct was down US$0.32 per barrel to $88.52;
BADI (Baltic Dry Index) was up 55 points to 1.290;
Dow Jones was down 70.46 points to 34.575,53;
S&P 500 was up 5.54 points to 4.467,44;
NASDAQ Composite up 39.97 points to 13.813,58;
US dollar index (Dec ’23) was up 0.058 points to 104.398;
AUD/USD weaker at US$0.6421;
USD/CAD weaker at $1.3548;
EUR/USD weaker at $1.0729;
USD/RUB weaker at ₽95.7820.

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

Author: Sandro F. Puglisi

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