September 8, 2023 – Market Update

The comment

US farm markets suffered a setback on Thursday, with the only exception of the corn market.
Saskatchewan crop report for the period Aug 29 – Sep 4 showed producers have crossed the halfway point of the total harvest with 51% complete.
After record Brazilian soybean and corn crops expected this year, a shift to wetter weather in Argentina with the El Nino climate pattern could ease drought for next year’s harvest.
European wheat edged higher, supported by a weaker euro.
Morocco’s ONICL set Sep wheat import subsidy at $16.90/mt.
Lloyd’s of London said it would insure Ukrainian grain shipments if a new Black Sea corridor deal was established, on the proviso of UN full intervention and clearance of any possible new deal.
As of September 6, 2023, grain harvest in Russia totaled 112 mln tonnes, planting of winter crops is expected to reach 20 mln ha.
The Cereal Association of Pakistan chairman was reported as saying Pakistan plans to import 700,000t wheat from Russia/Romania.
Malaysian palm oil prices closed down for a fourth consecutive session.
Australia’s weather bureau said August 2023 was the tenth-driest August in records going back to 1900.

The markets

Chicago wheat Dec contract was down 9.2c/bu to 599.6c/bu;
Kansas wheat Dec contract was down 12.4c/bu to 737c/bu;
Minneapolis wheat Dec contract was down 7.6c/bu to 774.6c/bu;
MATIF wheat Dec contract, was up €1.25/t to €238.5/t;
ASX wheat Jan 24, was up A$6/t to A$424/t;
Black Sea wheat Dec contract was not quoted;
US DWI Cash (durum wheat index) was up 0.31 c/bu to 966c/bu;
1CWAD (Canadian durum wheat) avg spot prices was down C$0.18/t to C$508/t;
EDW (EU durum) Dec contract, was up €8.5/t to €432/t;
Chicago corn Dec was up 0.4c/bu to 486.2c/bu;
MATIF corn Nov was unchanged to €214/t;
Chicago soybeans Nov down 16.6c/bu to 1359.4c/bu;
Winnipeg canola Nov down C$12.3/t to C$782.9/t;
MATIF rapeseed Nov contract, was down €5.25/t to €454.5/t;
Brent crude Nov was down US$0.68 per barrel to $89.92;
WTI crude Oct was down US$0.67 per barrel to $86.87;
BADI (Baltic Dry Index) was up 60 points to 1.141;
Dow Jones was up 57.54 points to 34.500,73;
S&P 500 was down 14.34 points to 4.451,14;
NASDAQ Composite down 123.64 points to 13.748,83;
US dollar index (Dec ’23) was up 0.223 points to 104.678;
AUD/USD weaker at US$0.6375;
USD/CAD firmer at $1.3684;
EUR/USD weaker at $1.0696;
USD/RUB firmer at ₽98.5010.

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

Author: Sandro F. Puglisi

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