September 4, 2023 – Market Update

The comment

US corn and soybean bounced on Friday but ended lower for the week on fund selling and profit taking.
Wheat ended lower on Friday and for the week, hitting contract lows.
Governmental data shows that Brazil’s corn exports reached 9.40 MMT in August.
For the week ending August 30, Argentine 2023-24 wheat conditions were at 77pc as fair/excellent.
An estimated 82% of French grain maize crops were in good or excellent condition by Aug. 28, farm office FranceAgriMer said on Friday.
Turkish President Erdogan to Sochi, to meet Vladimir Putin and discuss the future of the Grain Deal.
UGA has updated its forecast for Ukraine crop in 2023 at 80.5 MMT of grains and oilseeds. Exports potentially could reach 49 MMT.
IKAR saw Russia’s grain crop this year to 140.0 million metric tonnes, and grain exports potential at 64.0 million tonnes in the 2023/24 season.
Exports of Malaysian palm oil products in August ranged between 1,171,998 tons and 1,201,488 tons during July.
Australia is likely to lower its wheat production forecast for 2023/24 by about a million metric tons as dry El Nino weather reduces yields.

The markets

Chicago wheat Dec contract was down 6.4c/bu to 595.4c/bu;
Kansas wheat Dec contract was down 4.4c/bu to 722.6c/bu;
Minneapolis wheat Dec contract was down 7c/bu to 759.6c/bu;
MATIF wheat Dec contract, was down €1.5/t to €235/t;
ASX wheat Jan 24, was down A$0.5/t to A$403/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was down 14.10 c/bu to 972.81c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$3.28/t to C$508.09/t;
EDW (EU durum) Dec contract, was up €9.75/t to €436.25/t;
Chicago corn Dec was up 3.2c/bu to 481.4c/bu;
MATIF corn Nov was up €0.5/t to €212.5/t;
Chicago soybeans Nov up 0.4c/bu to 1369.2c/bu;
Winnipeg canola Nov up C$2.7/t to C$811.4/t;
MATIF rapeseed Nov contract, was up €4.75/t to €473.5/t;
Brent crude Nov was up US$1.72 per barrel to $88.55;
WTI crude Oct was up US$1.92 per barrel to $85.55;
BADI (Baltic Dry Index) was down 21 points to 1.065;
Dow Jones was up 115.80 points to 34.837,71;
S&P 500 was up 8.11 points to 4.515,77;
NASDAQ Composite down 3.15 points to 14.031,81;
US dollar index (Dec ’23) was up 0.599 points to 103.826;
AUD/USD weaker at US$0.6445;
USD/CAD firmer at $1.3588;
EUR/USD weaker at $1.0773;
USD/RUB firmer at ₽96.4187.

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

Author: Sandro F. Puglisi

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