September 18, 2023 – Market Update

The comment

Soybeans slumped, and corn prices followed soybeans lower, meanwhile wheat rebounded.
Harvest progress in Alberta was at 44 per cent complete.
Brazil, is facing significant challenges in its wheat harvest this year due to adverse weather conditions.
European wheat prices edged higher, on signs of overseas demand for French wheat, and weakness in the euro.
The Egyptian strategic reserves of wheat are sufficient for five months .
Ukraine has harvested 35.2 million metric tons of grain and oilseeds of the new 2023 harvest so far.
Russia’s wheat export tax for Sept. 20-26 will be 4,528.7 rubles.
China’s top diplomat, Wang Yi, in Russia for a four-day trip, to pledge a deeper mutual political trust.
Malaysian palm oil prices posted a second straight weekly drop.
Australia exported 424,369 tonnes of canola in July, according to the ABARES.

The markets

Chicago wheat Dec contract was up 10.4c/bu to 604.2c/bu;
Kansas wheat Dec contract was up 10c/bu to 746.4c/bu;
Minneapolis wheat Dec contract was up 5.4c/bu to 789c/bu;
MATIF wheat Dec contract, was up €1.5/t to €243.5/t;
ASX wheat Jan 24, was down A$4/t to A$428/t;
Black Sea wheat Dec contract not quoted since August 11,2023;
US DWI Cash (durum wheat index) was up 2.92 c/bu to 981.67c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.10/t to C$506.08/t;
EDW (EU durum) Dec contract, was up €4.5/t to €404.5/t;
Chicago corn Dec was down 4.2c/bu to 476.2c/bu;
MATIF corn Nov was down €1/t to €213/t;
Chicago soybeans Nov down 20.2c/bu to 1340.2c/bu;
Winnipeg canola Nov up C$5.1/t to C$763.9/t;
MATIF rapeseed Nov contract, was down €1.5/t to €444.75/t;
Brent crude Nov was up US$0.23 per barrel to $93.93;
WTI crude Oct was up US$0.61 per barrel to $90.77;
BADI (Baltic Dry Index) was up 41 points to 1.381;
Dow Jones was down 288.87 points to 34.618,24;
S&P 500 was down 54.78 points to 4.450,32;
NASDAQ Composite down 217.72 points to 13.708,34;
US dollar index (Dec ’23) was down 0.065 points to 104.987;
AUD/USD weaker at US$0.6428;
USD/CAD firmer at $1.3521;
EUR/USD firmer at $1.0660;
USD/RUB firmer at ₽96.7960.

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

Author: Sandro F. Puglisi

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