September 15, 2023 – Market Update

The comment

US farm markets were mixed once again, on Thursday.
Soybeans saw some fund buying, while corn falls, along with wheat, on profit taking and the higher $ …
Saskatchewan harvest has progressed nicely as of Sep 11, with 68 per cent of this year’s crop now in the bin.
According to the Buenos Aires grains exchange, wheat in “good or excellent” condition was around 24%, so far this week.
European wheat prices rose to a three-week high; rapeseed jumped 3.5%, rebounding from a three-month low.
With an estimated durum production of around 4.2 MMT, Turkey seems the world’s largest durum producer so far this season.
Ukraine has harvested 35.2 million metric tons of grain and oilseeds of the new 2023 harvest so far.
Russian wheat crop for 2023 season will reach 92.1 MMT, Sovecon said. Stocks stood at 18.9 MMT on August 1, 2023.
China’s central bank will cut the amount of cash that banks must hold as reserves, to boost liquidity and support the country’s economic recovery.
Malaysian palm oil prices rose, extending gains to a second day.
Australia exported 381,997 tonnes of barley and 283,917t of sorghum in July, according to the latest export data from the Australian Bureau of Statistics.

The markets

Chicago wheat Dec contract was down 3.4c/bu to 593.6c/bu;
Kansas wheat Dec contract was down 8.2c/bu to 736.4c/bu;
Minneapolis wheat Dec contract was down 4c/bu to 783.4c/bu;
MATIF wheat Dec contract, was up €4/t to €242/t;
ASX wheat Jan 24, was up A$8.5/t to A$432/t;
Black Sea wheat Dec contract not quoted since August 11,2023;
US DWI Cash (durum wheat index) was up 14.03 c/bu to 978.75c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$1.04/t to C$506.18/t;
EDW (EU durum) Dec contract, was down €10/t to €400/t;
Chicago corn Dec was down 1.6c/bu to 480.4c/bu;
MATIF corn Nov was up €3/t to €214/t;
Chicago soybeans Nov up 10.6c/bu to 1360.4c/bu;
Winnipeg canola Nov up C$3.5/t to C$758.8/t;
MATIF rapeseed Nov contract, was up €15/t to €446.25/t;
Brent crude Nov was up US$1.82 per barrel to $93.70;
WTI crude Oct was up US$1.64 per barrel to $90.16;
BADI (Baltic Dry Index) was up 50 points to 1.340;
Dow Jones was up 331.58 points to 34.907,11;
S&P 500 was up 37.66 points to 4.505,10;
NASDAQ Composite up 112.47 points to 13.926,05;
US dollar index (Dec ’23) was up 0.654 points to 105.052;
AUD/USD firmer at US$0.6439;
USD/CAD weaker at $1.3508;
EUR/USD weaker at $1.0643;
USD/RUB firmer at ₽96.2445.

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

Author: Sandro F. Puglisi

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