DAILY MARKET WIRE
September 25, 2023 – Market Update
Producers have made the most of another dry week in Saskatchewan with harvest now 82 per cent completed as of Sep 18, 2023.
Argentina wheat conditions were rated at 78pc as good/excellent.
European wheat prices inched down, as export news confirmed strong Black Sea competition.
Morocco will offer subsidies to import up to 2 million metric tons of soft wheat between Oct. 1 and Dec. 31.
Three new cargo ships are heading towards Ukrainian Black Sea ports, using a temporary corridor, in order to export 127,000 tons of ag products and iron ore for China, Egypt and Spain.
Russia introduced export taxes on new types of crops (including pulses) that were previously exempt from taxation.
India has sold 1.81Mt of state-owned wheat into the domestic market to ease prices.
Recent rain has arrested the slide in grain yield potential for Western Australia, according to the GIWA Sep crop report.
Kansas wheat Dec contract was up 0.6c/bu to 711.2c/bu;
Minneapolis wheat Dec contract was up 3c/bu to 770.4c/bu;
MATIF wheat Dec contract, was down €0.5/t to €235.75/t;
ASX wheat Jan 24, was down A$4/t to A$420/t;
Black Sea wheat Dec contract not quoted since August 11,2023;
US DWI Cash (durum wheat index) was up 0.28c/bu to 991.83c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.07/t to C$503.83/t;
EDW (EU durum) Dec contract, was unchanged to €400/t;
Chicago corn Dec was up 2c/bu to 477.2c/bu;
MATIF corn Nov was up €1/t to €209.25/t;
Chicago soybeans Nov up 2.4c/bu to 1296.2c/bu;
Winnipeg canola Nov down C$3.3/t to C$722/t;
MATIF rapeseed Nov contract, was up €1.75/t to €441.25/t;
Brent crude Nov was down US$0.03 per barrel to $93.27;
WTI crude Nov was up US$0.40 per barrel to $90.03;
BADI (Baltic Dry Index) was up 24 points to 1.593;
Dow Jones was down 106.58 points to 33.963,84;
S&P 500 was down 9.94 points to 4.320,06;
NASDAQ Composite down 12.18 points to 13.211,81;
US dollar index (Dec ’23) was up 0.216 points to 105.260;
AUD/USD firmer at US$0.6439;
USD/CAD weaker at $1.3478;
EUR/USD weaker at $1.0645;
USD/RUB firmer at ₽95.2800.