September 22, 2023 – Market Update

The comment

US farm markets hammered, on Thursday.
Canadian wheat exports for shipping week seven came in at 447,7k mt. Durum exports were at 10.3k mt.
BAGE said some wheat producers had decided to bring forward the current wheat harvest in northern Argentina.
European wheat prices fell, as export hopes were tempered by competitiveness Black Sea origins.
Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat purchases from Kazakhstan.
Ukraine has harvested 37.4 million metric tons of grain and oilseeds from the new 2023 harvest so far, the agriculture ministry said.
Russian government introduced a temporary export restriction on motor gasoline and diesel fuel. Prices on local market fell 10%.
Malaysian palm oil prices ended at a three-month closing low.
A welcome return to some cooler weather has helped keep prospects alive in most Aussie areas.
Per latest data from IGC, global total grains (wheat and coarse grains) production in 2023/24 is maintained at 2,294m t.
The IGC made an upward revision of 800,000 mt, in global durum production, now seen at 31.4 mmt this month.

The markets

Chicago wheat Dec contract was down 13c/bu to 575.6c/bu;
Kansas wheat Dec contract was down 18.4c/bu to 710.4c/bu;
Minneapolis wheat Dec contract was down 16c/bu to 767.4c/bu;
MATIF wheat Dec contract, was down €2.25/t to €236.25/t;
ASX wheat Jan 24, was down A$3/t to A$424/t;
Black Sea wheat Dec contract not quoted since August 11,2023;
US DWI Cash (durum wheat index) was up 0.55c/bu to 991.55c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$2.1/t to C$503.76/t;
EDW (EU durum) Dec contract, was unchanged to €400/t;
Chicago corn Dec was down 7c/bu to 475.2c/bu;
MATIF corn Nov was down €0.75/t to €208.25/t;
Chicago soybeans Nov down 26.2c/bu to 1293.6c/bu;
Winnipeg canola Nov down C$10.8/t to C$725.3/t;
MATIF rapeseed Nov contract, was down €9.5/t to €439.5/t;
Brent crude Nov was down US$0.23 per barrel to $93.30;
WTI crude Nov was down US$0.03 per barrel to $89.63;
BADI (Baltic Dry Index) was down 15 points to 1.569;
Dow Jones was down 370.46 points to 34.070,42;
S&P 500 was down 72.20 points to 4.330,00;
NASDAQ Composite down 254.14 points to 13.223,98;
US dollar index (Dec ’23) was up 0.256 points to 105.044;
AUD/USD weaker at US$0.6416;
USD/CAD firmer at $1.3483;
EUR/USD weaker at $1.0658;
USD/RUB weaker at ₽95.0800.

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

Author: Sandro F. Puglisi

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