DAILY MARKET WIRE
September 19, 2023 – Market Update
The comment
US farm markets slowed sharply, on Monday.
Harvest pressure dragged both corn and soybean prices lower…
CBOT wheat prices fell more than 2% …
Brazil’s second corn crop is at 95.7% harvested, first corn crop 15% sown. The country has begun its 2023-24 soybean crop planting.
Importers in China have bought large amounts of French wheat in the past week, bosting prices to a three-week high. Then dropped more than 2% lower.
For the 2022/23 season Ukraine could export 27.3 million tons of corn. Corn export forecast for 2023/24 season is now at 19 million metric tons.
Russia has harvested 82.2 million tons of wheat as of Sep 15. Sowing area of winter grains reached 7.5 million hectares, so far.
Kazakhstan harvested 6.6 million metric ton of grains and pulses as of Sept. 19.
Chinese farmers have escaped the worst impact of the summer’s typhoons on production, with harvests of crops like corn set to rise in the coming year.
Malaysian palm oil prices closed lower on Monday after three consecutive sessions of gains.
An El Nino event is under way in south-eastern Australia and is likely to last at least until February.
Harvest pressure dragged both corn and soybean prices lower…
CBOT wheat prices fell more than 2% …
Brazil’s second corn crop is at 95.7% harvested, first corn crop 15% sown. The country has begun its 2023-24 soybean crop planting.
Importers in China have bought large amounts of French wheat in the past week, bosting prices to a three-week high. Then dropped more than 2% lower.
For the 2022/23 season Ukraine could export 27.3 million tons of corn. Corn export forecast for 2023/24 season is now at 19 million metric tons.
Russia has harvested 82.2 million tons of wheat as of Sep 15. Sowing area of winter grains reached 7.5 million hectares, so far.
Kazakhstan harvested 6.6 million metric ton of grains and pulses as of Sept. 19.
Chinese farmers have escaped the worst impact of the summer’s typhoons on production, with harvests of crops like corn set to rise in the coming year.
Malaysian palm oil prices closed lower on Monday after three consecutive sessions of gains.
An El Nino event is under way in south-eastern Australia and is likely to last at least until February.
The markets
Chicago wheat Dec contract was down 13c/bu to 591.2c/bu;
Kansas wheat Dec contract was down 11.4c/bu to 735c/bu;
Minneapolis wheat Dec contract was down 11.4c/bu to 777.4c/bu;
MATIF wheat Dec contract, was down €5/t to €238.5/t;
ASX wheat Jan 24, was up A$6/t to A$434/t;
Black Sea wheat Dec contract not quoted since August 11,2023;
US DWI Cash (durum wheat index) was up 7.30 c/bu to 988.97c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.14/t to C$505.94/t;
EDW (EU durum) Dec contract, was unchanged to €404.5/t;
Chicago corn Dec was down 4.6c/bu to 471.4c/bu;
MATIF corn Nov was down €3.75/t to €209.25/t;
Chicago soybeans Nov down 23.4c/bu to 1316.6c/bu;
Winnipeg canola Nov down C$21.9/t to C$742/t;
MATIF rapeseed Nov contract, was down €11.5/t to €433.25/t;
Brent crude Nov was up US$0.50 per barrel to $94.43;
WTI crude Oct was up US$0.71 per barrel to $91.48;
BADI (Baltic Dry Index) was up 58 points to 1.439;
Dow Jones was up 6.06 points to 34.624,30;
S&P 500 was up 3.21 points to 4.453,53;
NASDAQ Composite up 1.90 points to 13.710,24;
US dollar index (Dec ’23) was down 0.132 points to 104.855;
AUD/USD firmer at US$0.6437;
USD/CAD weaker at $1.3486;
EUR/USD firmer at $1.0692;
USD/RUB weaker at ₽95.9440.
Kansas wheat Dec contract was down 11.4c/bu to 735c/bu;
Minneapolis wheat Dec contract was down 11.4c/bu to 777.4c/bu;
MATIF wheat Dec contract, was down €5/t to €238.5/t;
ASX wheat Jan 24, was up A$6/t to A$434/t;
Black Sea wheat Dec contract not quoted since August 11,2023;
US DWI Cash (durum wheat index) was up 7.30 c/bu to 988.97c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.14/t to C$505.94/t;
EDW (EU durum) Dec contract, was unchanged to €404.5/t;
Chicago corn Dec was down 4.6c/bu to 471.4c/bu;
MATIF corn Nov was down €3.75/t to €209.25/t;
Chicago soybeans Nov down 23.4c/bu to 1316.6c/bu;
Winnipeg canola Nov down C$21.9/t to C$742/t;
MATIF rapeseed Nov contract, was down €11.5/t to €433.25/t;
Brent crude Nov was up US$0.50 per barrel to $94.43;
WTI crude Oct was up US$0.71 per barrel to $91.48;
BADI (Baltic Dry Index) was up 58 points to 1.439;
Dow Jones was up 6.06 points to 34.624,30;
S&P 500 was up 3.21 points to 4.453,53;
NASDAQ Composite up 1.90 points to 13.710,24;
US dollar index (Dec ’23) was down 0.132 points to 104.855;
AUD/USD firmer at US$0.6437;
USD/CAD weaker at $1.3486;
EUR/USD firmer at $1.0692;
USD/RUB weaker at ₽95.9440.
