September 6, 2023 – Market Update

The comment

US corn and wheat moved higher, while soybeans incurred modest losses.
As of September 3, Brazil’s second-crop corn harvest was 89.2% complete; wheat 13%.
Argentina’s government published a decree formally announcing its fourth soy dollar scheme in a year.
European wheat prices eased to a fresh seven-week low.
Ukrainian agricultural exports rose 16% month-on-month in August despite the failure of a Black Sea shipping corridor, the UCAB said.
Russian consultancy Sovecon saw its forecast for Russian exports to 48.6 million metric tons in the 2023/24 season.
Heavy rain in northeastern China’s Heilongjiang province this month could delay grain ripening and harvesting, the country’s weather bureau said.
Malaysian palm oil prices closed down for a second straight session.
Forecast September falls of rain across various parts of India are expected to mitigate crop damage and ensure sufficient food supplies.
Australian dollar plumbed to a 2023 lows.

The markets

Chicago wheat Dec contract was up 3.6c/bu to 599.2c/bu;
Kansas wheat Dec contract was up 1.6c/bu to 724.4c/bu;
Minneapolis wheat Dec contract was up 2.4c/bu to 762.2c/bu;
MATIF wheat Dec contract, was down €0.5/t to €233.5/t;
ASX wheat Jan 24, was up A$8/t to A$418/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was down 6.81 c/bu to 966.81c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.92/t to C$508.11/t;
EDW (EU durum) Dec contract, was down €3.75/t to €417.25/t;
Chicago corn Dec was up 4.4c/bu to 486c/bu;
MATIF corn Nov was up €0.25/t to €212/t;
Chicago soybeans Nov down 4.2c/bu to 1365c/bu;
Winnipeg canola Nov down C$13.9/t to C$797.5/t;
MATIF rapeseed Nov contract, was down €9.5/t to €455.75/t;
Brent crude Nov was up US$1.04 per barrel to $90.04;
WTI crude Oct was up US$1.14 per barrel to $86.69;
BADI (Baltic Dry Index) was down 20 points to 1.063;
Dow Jones was down 195.74 points to 34.641,97;
S&P 500 was down 18.94 points to 4.496,83;
NASDAQ Composite down 10.86 points to 14.020,95;
US dollar index (Dec ’23) was up 0.554 points to 104.380;
AUD/USD weaker at US$0.6379;
USD/CAD firmer at $1.3641;
EUR/USD weaker at $1.0722;
USD/RUB firmer at ₽97.9565.

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

Author: Sandro F. Puglisi

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