European market

The weakness of the euro/dollar, which is now at 1.1370 on its lowest levels of the last 15 months, is not enough to stem the downward pressure that is gradually taking hold of European wheat.
The prices of the December 2026 contract on the Euronext wheat contract broke yesterday in closing their closely watched support of 240 € /t. In the background, hopes of de-escalation in the Black Sea which are strengthening among market operators. The Turkish President, Erdogan, announced yesterday from New York, where the UN General Assembly is being held, that his country is increasing diplomatic efforts to restore a grain corridor, as in 2022.
Also in decline, rapeseed suffers from low water levels which reach their peak on the Rhine. The German crushing industry is particularly affected by logistics problems.
Although marked by the bearish influence of wheat, corn yesterday moved in scattered order on Euronext. The echoes of catastrophic yields in France always maintain a very strong tension on the short-term.

American market

The Chicago market is experiencing an almost generalized downward movement. The funds were on sale yesterday on all products, with the exception of soybean meal. Alone on the rise, this product marked a new high in a short-term context of lack of supply in the United States during this period of campaign lean season.
For the other products, wheat, corn and soybeans, the bearish elements accumulated throughout the day. In the background, the easing of the crude oil barrel and the firmness of the dollar index reduce investors' appetite for commodities. The recent rise in the dollar directly penalizes the export competitiveness of US grains, as evidenced by the weekly sales figures of the USDA, considered disappointing, yesterday on 2026-27 :
Wheat: 267,600 t
Corn: 838,300 t
Soybeans: 582,400 t
Excessively enthusiastic at the beginning of the week, the operators on the Chicago market begin to show their impatience, even their disappointment, in the absence of announcement of any new Chinese commitment to the purchase of American grains. The meeting between Donald Trump and Xi Jinping in the United States yesterday did not lead to anything concrete, except an extension of the "trade truce" on reciprocal customs duties until next January 10th.
Wheat is ahead of other products on the downside on Chicago, because it is more affected by the now daily rumors of negotiations in favor of reopening maritime traffic in the Black Sea.

Black Sea market

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