European market

After the USDA at the end of last week, the IGC yesterday revised upwards its estimate for global wheat production potential. The adjustment amounts to +3 Mt compared to last month's estimate. Despite this, the end-of-the-season stock remains announced at 73 Mt by the IGC, i.e. a volume equivalent to that of last month, due to a downward readjustment of last year's stock. In corn, world production, already record, is also revised up by +1 Mt. This revision leads the global carry-over stock to be revalued upwards, by +1 Mt compared to the previous month, to now stand at 300 Mt.
Grain prices were falling, down between -1 €/t and -1.50 €/t compared to the previous day, both in wheat and corn on Euronext. The movement on the euro/dollar parity was not enough to support prices. This downtrend was also observed on the European market, but also on many other places, in the Northern hemisphere as in the Southern hemisphere. The recent decline is also arousing the interest of buyers, like the call for tenders launched yesterday by Saudi Arabia for the purchase of 300,000 t of milling wheat.
On Euronext, rapeseed prices closed the day higher. The firmness of prices is also observed on the sunflower market.The rapeseed February 2026 contract on Euronext returned to the highest level of the session, at €488.25/t. After a return to its highest level since last August, this same contract ended the day, posting a moderate increase, at €484.25/t. The increase observed also favoured the progression of transactions on options contracts on Euronext yesterday.

American market

Prices in Chicago recorded a new decline yesterday, affecting both grains and the soybeans complex. Soybean January 2026 contract on CME has corrected downward and were trading yesterday just above $11.22/bu.
The confirmation of new exceptional sales sent a positive signal, confirming a flow of business to China. The USDA has reported additional sales of soybeans for a volume of 462,000 t, which are in addition to the quantities already announced since the beginning of the week. The US Department of Agriculture has also communicated on a sale of 132,000 t of "white wheat" destined for China.
The end of the "shutdown" period in the United States allows the return of weekly publications of export sales. This week, the net volumes for the current season amount to 887,900 t in wheat, 2.25 Mt in corn and 919,400 t in soybeans. Despite a higher-than-expected volume for wheat, prices in Chicago followed the decline in other products. At the close, the March 2026 wheat CME contract was just above $5.40/bu. For corn, the March 2026 contract is moving back again below the $4.40/bu level to end under $4.38/bu, to its lowest level for four weeks.

Black Sea market

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