DAILY MARKET WIRE
September 7, 2023 – Market Update
The comment
US farm markets were mixed but mostly higher on Wednesday.
The provincial agriculture department of Manitoba reported the overall harvest was at 37 per cent complete as of Sept. 5.
Conab’s latest estimate corn production is expected to reach 131.8 MMT.
European wheat rose from seven-week lows, supported by harvest downgrades in the southern hemisphere and reports about potential harvest disruptions in Russia.
Ukraine remains strongly against any further restrictions on the export of its grain implemented by neighbouring countries, President Volodymyr Zelenskiy said.
Russia said Turkey had agreed in principle to handle 1 million metric tons of grain that Moscow plans to send to Africa at a discounted price with financial support from Qatar.
China imported 9.36 million tonnes of soybeans in August.
Malaysian palm oil prices closed lower for a third consecutive session.
Aussie wheat and barley have traded mostly higher this week as dry conditions move south in New South Wales to further limit grower selling.
The provincial agriculture department of Manitoba reported the overall harvest was at 37 per cent complete as of Sept. 5.
Conab’s latest estimate corn production is expected to reach 131.8 MMT.
European wheat rose from seven-week lows, supported by harvest downgrades in the southern hemisphere and reports about potential harvest disruptions in Russia.
Ukraine remains strongly against any further restrictions on the export of its grain implemented by neighbouring countries, President Volodymyr Zelenskiy said.
Russia said Turkey had agreed in principle to handle 1 million metric tons of grain that Moscow plans to send to Africa at a discounted price with financial support from Qatar.
China imported 9.36 million tonnes of soybeans in August.
Malaysian palm oil prices closed lower for a third consecutive session.
Aussie wheat and barley have traded mostly higher this week as dry conditions move south in New South Wales to further limit grower selling.
The markets
Chicago wheat Dec contract was up 9.6c/bu to 609c/bu;
Kansas wheat Dec contract was up 25c/bu to 749.4c/bu;
Minneapolis wheat Dec contract was up 20.2c/bu to 782.4c/bu;
MATIF wheat Dec contract, was up €3.75/t to €237.25/t;
ASX wheat Jan 24, was unchanged to A$418/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was down 0.31 c/bu to 965.69c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.07/t to C$508.18/t;
EDW (EU durum) Dec contract, was up €6.5/t to €423.75/t;
Chicago corn Dec was down 0.2c/bu to 485.6c/bu;
MATIF corn Nov was up €2/t to €214/t;
Chicago soybeans Nov up 11.2c/bu to 1376.2c/bu;
Winnipeg canola Nov down C$2.3/t to C$795.2/t;
MATIF rapeseed Nov contract, was up €4/t to €459.75/t;
Brent crude Nov was up US$0.56 per barrel to $90.60;
WTI crude Oct was up US$0.85 per barrel to $87.54;
BADI (Baltic Dry Index) was up 18 points to 1.081;
Dow Jones was down 198.78 points to 34.443,19;
S&P 500 was down 31.35 points to 4.465,48;
NASDAQ Composite down 148.48 points to 13.872,47;
US dollar index (Dec ’23) was up 0.075 points to 104.455;
AUD/USD firmer at US$0.6380;
USD/CAD weaker at $1.3635;
EUR/USD firmer at $1.0727;
USD/RUB firmer at ₽98.3760.
Kansas wheat Dec contract was up 25c/bu to 749.4c/bu;
Minneapolis wheat Dec contract was up 20.2c/bu to 782.4c/bu;
MATIF wheat Dec contract, was up €3.75/t to €237.25/t;
ASX wheat Jan 24, was unchanged to A$418/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was down 0.31 c/bu to 965.69c/bu;
1CWAD (Canadian durum wheat) avg spot prices was up C$0.07/t to C$508.18/t;
EDW (EU durum) Dec contract, was up €6.5/t to €423.75/t;
Chicago corn Dec was down 0.2c/bu to 485.6c/bu;
MATIF corn Nov was up €2/t to €214/t;
Chicago soybeans Nov up 11.2c/bu to 1376.2c/bu;
Winnipeg canola Nov down C$2.3/t to C$795.2/t;
MATIF rapeseed Nov contract, was up €4/t to €459.75/t;
Brent crude Nov was up US$0.56 per barrel to $90.60;
WTI crude Oct was up US$0.85 per barrel to $87.54;
BADI (Baltic Dry Index) was up 18 points to 1.081;
Dow Jones was down 198.78 points to 34.443,19;
S&P 500 was down 31.35 points to 4.465,48;
NASDAQ Composite down 148.48 points to 13.872,47;
US dollar index (Dec ’23) was up 0.075 points to 104.455;
AUD/USD firmer at US$0.6380;
USD/CAD weaker at $1.3635;
EUR/USD firmer at $1.0727;
USD/RUB firmer at ₽98.3760.
