Daily Market Wire – February 3, 2023

US farm markets were mixed once again on Thursday.

Corn prices faded about 1% lower.

Soybeans rebounded nearly 1%, posting double-digit gains.

Chicago wheat prices were slightly firm, while other wheat contracts suffered moderate losses.

Both WTI and Brent benchmarks extended their losses.

So far this week, Brent has dropped more than 5%, extending a 1% loss from the previous week. WTI has also fallen by nearly 5%, after sliding 2% in the prior week.

On Wall Street, the S&P 500 rallied 1.5%. The Nasdaq composite soared 3.3%, while the Dow Jones Industrial Average slipped 0.1%.

The US Dollar Index rebounded by 0.5%.

Notably, Chicago wheat Mar contract was up US1.2 cents to 761c/bu;

Kansas wheat Mar contract was down 3.4c/bu to 880.6c/bu;

Minneapolis wheat Mar contract down 1.2c/bu to 924.6c/bu;

MATIF wheat Mar contract was down €2.25/t to €283/t;

Black Sea wheat Mar contract was unchanged to $304.75/t;

ASX wheat March contract, up A$1/t to A$376.5/t;

US DWI Cash (durum wheat index) was up 0.64c/bu to 904.55c/bu;

1CWAD (Canadian durum) avg reg was down C$0.3/t to C$449.19/t;

EDW (EU durum) March contract was unchanged to €481/t;

Chicago corn Mar contract down 5.6c/bu to 675.2c/bu;

Soybeans Mar contract up 14c/bu to 1534.2c/bu;

MATIF corn Mar contract was down €1/t to €275.75/t;

Winnipeg canola Mar contract, was down C$2.9/t to C$825.1/t;

MATIF rapeseed May contract was up €3.25/t to €544.25/t;

Brent crude Apr was down US$0.67 per barrel to $82.17;

WTI crude Mar was down US$0.53 per barrel to $75.88;

BDI Baltic Dry Index was down 28 points to 640;

Dow Jones was down 39.02 points to 34.053,94;

S&P 500 was up 60.55 points to 4.179,76;

NASDAQ Composite up 384.50 points to 12.200,82;

US dollar index (Mar ’23) was up 0.547 to 101.575;

AUD/USD weaker at US$0.7076;

USD/CAD firmer at $1.3315;

EUR/USD weaker at $1.0910;

USD/RUB firmer at ₽70.1975.

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