European market

Consolidation of prices on Friday in a market that is attempting to catch its breath. At the beginning of this week, the dollar's rise is focusing the attention of operators. In this context, prices in Chicago are losing ground in pre-opening.

On the international scene, the US has sold another 132,000 t of soybean to China. South Korea bought nearly 82,000 t of milling wheat from Australia and 66,000 t of corn from optional origins.

In corn, the first harvesting works have begun in France, with a good yield. The rainy weather conditions this year were favourable for this water-demanding crop. FranceAgriMer has a crop rating at 89% of good to excellent for this crop. This compares to 59% last year.

Rapeseed has tested the psychological threshold of 600 €/t on Euronext. World S&D balance is very stretched with a clear deficit in Europe and a catastrophic harvest in the world's leading exporter, Canada. In the province of Alberta, 33% of the area is now harvested, according to the provincial government.

Palm oil is losing some ground this Monday morning in Kuala Lumpur.

The dollar is strengthening sharply at 1.1710 against the euro and 72.77 against the rouble. In addition to the inflationary risk linked to soaring energy costs, traders are anticipating a shift in Fed policy at its meeting this week. Oil is consolidating at 71.40 usd/barrel in New York.

Note the surge in fertilizer prices, particularly in the context of higher gas prices needed to manufacture nitrogen.

American market

All commodity prices fell in Chicago on Friday due to corn and soybean harvest pressure. The stronger dollar is also contributing to a loss of export competitiveness.

 Wheat prices are reflecting lower production in Canada and Europe, but optimistic forecasts in Australia are limiting the upside potential.

Corn harvesting is starting in the most advanced areas. The crop rating expected tonight should be unchanged at 58% of good to excellent according analysts.

Funds were net sellers on Friday in 2,500 lots of corn, 5,500 lots of soybean and 2,500 lots of wheat.

Black Sea market

Exports from the Black Sea remain strong despite the export duties imposed by Russia.

In this context, wheat prices continue to rise. In Ukraine, they have tested 300 $/t on a FOB basis for 11.5% protein.

The corn harvest has begun in Ukraine, but rain is expected in the next few days, which could delay the work. Exports to China will be key for the future.