European market
After another week marked by strong price volatility and an unchanged situation at departures from Russian and Ukrainian ports, grain prices on Euronext marked a decline, evolving differently from the American market. The firmness of the euro against the dollar is confirmed, the parity oscillating between 1.1680 and 1.1700, leading to some mechanical price adjustments. Exporters are following with the greatest interest the price spread of wheat between origins in the Black Sea or in the Baltic region and Western European wheat. On Euronext, the price of the September 2026 contract still shows a strong deviation from more distant contracts. And the prices for the December 2026 and May 2027 contracts are displayed at levels close to each other, at around € 240 /t.
European corn prices adjusted slightly lower after the new highs recorded the day before, in the face of the now confirmed prospect of a decrease in production. Above all, corn seeks to adjust to the prices of other substitute feed grains or to imported products.
For the second consecutive session, rapeseed prices recorded a new decline in the wake of rapeseed oil, which also declined at the end of the week. This downward movement at the end of the week is also visible on canola seeds in Canada. Canadian operators currently remain vigilant in the face of the evolution of the exchange parity between the Canadian and US dollars, which is strengthening, against the background of renewed tensions between the two countries over new trade agreements and new American customs duties.
American market
Corn prices ended the week up. The December 2026 contract closed Friday's session on a new contract's high, ending above $5.08/bu, driven by the results of the Pro Farmer Crop Tour. The latter confirm a decline in performance compared to last year, with an even lower potential than initially anticipated by the USDA. Pro Farmer's corn estimates expect a yield of 173.2 bu/acre and a decrease in production to 389 Mt for 2026. This estimate of production in the United States, despite a high level of sown areas, brings an additional argument of firmness to American corn prices, as evidenced by the opening of the Chicago market in night session at the beginning of the week. In parallel with these production figures, new exceptional export sales have been reported by the USDA of 205,000 t of corn, without specifying their destination.
Wheat prices are also taking advantage of the tension on the corn market to adjust upwards, in the face of an unchanged situation in the Black Sea concerning port traffic of wheat from Russia and Ukraine. The upward movement recorded, supported by the decline of the dollar, nevertheless did not allow, last week, to return to the highest levels traded last month. The December 2026 contract was back to trading several times above the $7/bu level on Friday.
In oilseeds, the potential for soybean production in the United States promises to be satisfactory. The results of the Pro Farmer Crop Tour and the countings carried out in the areas visited show a reassuring situation, with an estimated yield potential of 53.3 bu/acre, above the last estimate from the USDA, which expected a forecast yield of 52.7 bu/acre. Prices in Chicago nevertheless closed the session higher on Friday, supported by new exceptional export sales reported by the USDA, exceeding 1.4 Mt. But the November 2026 contract closed the week below $12.40/bu, without managing to regain the highest levels reached last July.
Black Sea market
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