European market
The grain market hesitates at the end of this week. The various support elements of the last few weeks remain present in the background but without novelty which would allow to inject a new dynamic. This is opposed by good climatic conditions, in particular on the Corn Belt and a crude oil price that weakens with each rumour of peace in the Middle East.
The prices on Euronext also fluctuate according to the euro /dollar which also hesitates and navigates on either side of the 1.1600.
European wheat is seeing its decline limited by its export competitiveness, which allows it to hope for some business in a global market that is quite calm. Corn remains supported by the tension of the end of the campaign in Europe. Rapeseed, meanwhile, finds some reasons for support through the delays in sowing on canola in Canada because of bad weather.
In Argentina, President Milei announced yesterday an upcoming reduction in export taxes on wheat to 5.5% from 7.5% currently. The Buenos Aires Stock Exchange has raised its soybean production estimates to 50.1 Mt against 48.6 Mt previously and corn to 64 Mt against 61 Mt previously.
In Germany, the federation of DRV cooperatives forecasts a German wheat harvest in 2026 at 22.57 Mt, down 2.5% year-on-year, but slightly raised compared to the April estimate thanks to the good recent conditions. Rapeseed production in 2026 is expected at 4,144 Mt, up +4.3% compared to 2025 at 4,144 Mt.
American market
The expectation of the deal clarification between China and the United States and the wet weather judged as beneficial for the development of young crops on the Corn Belt weigh on prices in Chicago as well as weekend profit-taking, and this before a long bank holiday weekend in the United States since the US markets will be closed on Monday for Memorial Day.
The funds were selling on all products yesterday.
Wheat prices are pressured by this situation, but corn prices and to a lesser extent soybeans are benefiting from support offered by the export activity. The USDA published yesterday the following weekly export sales:
Wheat: 166,300 t in 2025/26 and 130,500 t in 2026/27
Corn: 2,125 Mt in 2025/26 and 281,400 t in 2026/27
Soybeans: 351,400 t in 2025/26 and 172,700 t in 2026/27.
Black Sea market
Click here to request full access to the AgriMarkets report to find out more about the Black Sea region, and follow price trends in Russia on a daily basis.
