September 20, 2023 – Market Update

The comment

US farm markets were mixed but mostly lower, on Tuesday.
Chicago corn made new lows and then bounced.
Soybeans saw a fund liquidation and wheat also slid.
Conab projected Brazil’s 2023/24 soybean crop at 162.4 MMT, corn crop at 119.8 MMT.
European wheat prices were little changed, while corn marked a new low.
The value of private agricultural investments reported in Tunisia at the end of August 2023 reached TND 873,595 million.
Ukraine appealed to three neighboring countries in the European Union to embark on “constructive dialogue” to end a dispute over agricultural trade.
As of September 15, Russia harvested 119.8 mln tonnes of grains and pulses, Russian Ministry of Agriculture data showed.
Kazakhstan plans to export about 6 million metric tons of grains and up to 1.5 million tons of flour in 2023/24 season.
Malaysian palm oil prices closed lower, extending losses for a second session.
Heat and wind swept through the Aussie eastern states yesterday, rising some concerns about yields.

The markets

Chicago wheat Dec contract was down 7.2c/bu to 589.6c/bu;
Kansas wheat Dec contract was down 4c/bu to 731c/bu;
Minneapolis wheat Dec contract was up 2.2c/bu to 779.6c/bu;
MATIF wheat Dec contract, was down €1.25/t to €237.25/t;
ASX wheat Jan 24, was down A$6.5/t to A$427.5/t;
Black Sea wheat Dec contract not quoted since August 11,2023;
US DWI Cash (durum wheat index) was unchanged to 988.97c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.04/t to C$505.98/t;
EDW (EU durum) Dec contract, was down €4.5/t to €400/t;
Chicago corn Dec was up 4.6c/bu to 476.2c/bu;
MATIF corn Nov was down €0.25/t to €209/t;
Chicago soybeans Nov down 1.2c/bu to 1315.4c/bu;
Winnipeg canola Nov down C$7.7/t to C$734.3/t;
MATIF rapeseed Nov contract, was up €7/t to €440.25/t;
Brent crude Nov was down US$0.09 per barrel to $94.34;
WTI crude Nov was down US$0.10 per barrel to $90.48;
BADI (Baltic Dry Index) was up 87 points to 1.526;
Dow Jones was down 106.57 points to 34.517,73;
S&P 500 was down 9.58 points to 4.443,95;
NASDAQ Composite down 32.05 points to 13.678,19;
US dollar index (Dec ’23) was down 0.023 points to 104.832;
AUD/USD firmer at US$0.6453;
USD/CAD weaker at $1.3447;
EUR/USD weaker at $1.0679;
USD/RUB firmer at ₽97.4954.

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

Author: Sandro F. Puglisi

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