European market

Still supported by concerns linked to developments in the energy market, where oil prices are once again posting a rebound, commodity prices are also incorporating the usual Weather Market elements in spring, with dry conditions in some regions of France, where the possible arrival of rainfall over the weekend would be welcomed. Wheat prices on Euronext are firming in the new crop, as are corn prices. The Dec 26 wheat contract is thus returning to trade at its highest levels since last March.

The situation is similar in corn, where prices are also rising for the 2026 crop; however, it is above all on nearby contracts that corn is standing out. Indeed, during the end‑of‑season period for the 2025 crop, corn prices are trading above 220 €/t on the Jun and Aug Euronext contracts, which for these expiries represents the highest levels since June 2024.

In oilseeds, the May 26 contract expires this Thursday evening after posting, in recent days, a wide trading range. This movement has also been observed in the new crop, where rapeseed prices are trading at new highs, exceeding, on the Aug 26 contract, the level of 520 €/t, which is a level above the price seen throughout the 2025 rapeseed campaign, with the obvious exception of the last six days. The firmness in rapeseed oil prices, driven by tension in current oil prices, is thus helping to support seed prices.

In the face of significant price swings, activity in options contracts has also been notable on Euronext contracts, in both grains and oilseeds, with the implementation of various strategies. Yesterday, a volume of 29,574 options lots was traded in wheat, covering expiries from Sep 26 to Sep 27.

As a reminder, due to the May 1 public holiday, as on the physical market in France and Europe, the Euronext exchange will be closed tomorrow, Friday.

American market

The soybean oil market continued its upward momentum in Chicago, posting new contract highs. As a result, the May 26 contract is now trading above 75 c$/lb, illustrating the tension on the vegetable oils market, against a backdrop of firm crude oil and energy prices. The rise in oils is therefore also driving renewed firmness on the US soybean market. In soybeans, prices are now trading at their highest level since mid‑March for the May 26 contract on the CME.

This firmness in soybean prices is also supporting the corn market, which is also moving higher. Strong export activity is helping to underpin prices, which are now above 4.65 $/bu for the May 26 contract in Chicago, thereby retracing the decline observed since the end of March. In the new crop, planting is progressing but without providing reassurance, due to the decline in acreage announced. Prices for the 2026 crop are in fact posting new highs, approaching the 5 $/bu level for the Dec 26 contract.

Wheat prices experienced a volatile session, with a new contract high traded before ultimately easing at the end of the session. The May 26 contract, for SRW quality, closed the session at 6.4225 $/bu after a high of 6.6150 $/bu earlier in the session. The prospect of rainfall arriving in the coming days is allowing the situation to ease somewhat after the sharp price rise observed since the start of the week.

Black Sea market

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