European market
The macroeconomic and geopolitical considerations again influenced the fundamental context to fuel price volatility. The grain market integrated yesterday the various elements published the day before by the USDA. The wheat marked was the most impacted by the WASDE report. Recall that in this year of ample supply, world wheat production reaches a new record at 837.8 Mt according to the USDA. This is an annual increase of 37 Mt, equivalent to the Australian production or 3 Mt more than the French harvest.
However, wheat and corn prices on Euronext managed to recover to close near the equilibrium. The operators are indeed keeping a close eye on the situation in the Black Sea with a conflict that shows few signs of easing and especially with new maritime risks.
Rapeseed, meanwhile, was up on Euronext, making up for its losses of the previous day with a closing up + €4.75/t to €476.50/t on the February2026 contract. The market thus welcomes the approval by the German government of the transposition of the third European directive on renewable energies, known as RED III.
On the international scene, the wheat market will be animated this Thursday by a new call for tenders launched by Tunisia for 125,000 t of soft wheat and 100,000 t of durum wheat. The Tunisian Office is also looking for 125,000 t of barley. This new tender follows on from the purchase yesterday of 120,000 t of barley by Tunisia and contributes to the firmness of feed barley prices over the first months of 2026.
On the macroeconomic front, European prices will be penalized this weekend by a return of the euro/dollar towards 1.1700, at the highest for two months. As widely expected, the FED yesterday lowered its key interest rates by 25 basis points. But it was above all the speech considered less harsh than before by Jerome Powell that put pressure on the dollar and attracted investors to the European currency.
American market
Grain prices were down yesterday on the Chicago market. Wheat is pressured by the sharp increase in global supplies posted by the USDA in its December WASDE report. Corn corrects its gains of the previous day and finally evolves very little, waiting for new elements.
The soybean marked, for its part, a slight progression. Prices benefited from the announcement of new exceptional sales of US soybeans, including:
136,000 t to China
119,000 t to an unknown destination
212,000 t to an unknown destination.
The monthly report of the USDA Fats & Oils also came to support the soybean. Soybean crushing in the United States for the month of September 2025 is estimated at 204.93 million bushels, an increase of 9.9% compared to September 2024. That of the month of October 2025 amounts to an absolute record, all months combined, with 237 million bushels, an increase of 9.9% compared to October 2024.
Market participants are now waiting for today's export figures, which are still in a phase of catching up with the shutdown and will represent the week of last November 13th.
Black Sea market
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