European market
The questions remain as numerous as ever in the face of the current difficulties of the export activity from Ukraine and Russia. However, Western European operators are watching with interest the downward movement in wheat prices of recent days for these two origins, as well as the evolution of prices departing from Romanian and Bulgarian ports.
French exporters in particular, who are looking to boost the activity of short-term shipments, are also watching the evolution of prices from the Baltic region, from where export loading operations are also possible. At the same time, the recent rise of the euro against the dollar leads to a slight mechanical adjustment in prices. On Euronext, yesterday, prices were down -2.75 € /t on the front September 2026 contract, erasing part of the gain recorded at the end of last week. On this same contract, the closing of the option contracts is to be marked yesterday.
As for rapeseed prices, they marked a new increase, also driven by the firmness of other oilseeds, in particular American soybeans. The prices on Euronext for the November 2026 contract came back to test, during the session, the level of € 550 /t, before closing below this level, but rising at the end of the day. The early start of the sunflower harvests in France also brings a factor of firmness in the face of sharply declining yields, in direct connection with the scorching conditions encountered in recent month. The hot and dry weather also supports corn prices.
American market
During this crop tour period in the US Corn Belt, operators are following with the greatest interest the results of field countings, comparing them with the latest projections from the latest reports of the USDA, which revised down its yield potential for the 2026 harvest. The countings carried out as part of the Pro Farmer Crop Tour, which started yesterday, also highlight a decrease in yield compared to last year in the first visited areas of South Dakota and Ohio. In parallel, the latest estimate of the corn crops conditions communicated by the USDA shows its slight deterioration, with 60% of the areas in a "good to excellent" condition, compared to 61% the previous week. Driven by the return of funds, prices in Chicago rose yesterday and are now returning to test the $4.90/bu zone for the December 2026 contract, which is its highest level since July.
Wheat prices have not experienced the same tension. The front September 2026 contract in Chicago, for the SRW, stalled when approaching the level of $6.80/bu to finally close the session on an unchanged level compared to last weekend. This situation has been similar for the following contracts. Operators are now integrating the finalization of winter wheat harvests, which, according to the USDA, are 96% completed. The spring wheat harvests are also progressing rapidly, reaching 41% completion and increasing by 17 points over the past week.
Like corn, a slight deterioration in the condition of soybean crops is noted by the USDA, giving up 1 point compared to last week, with 61% of the areas now in a condition judged "good to excellent". The countings also carried out in soybeans, as part of the Pro Farmer Crop Tour, also highlight, for the moment, a lower density of pods than last year and than the three-year averages in the regions visited. In addition, the confirmation of sustained crushing activity, after the publication of official NOPA figures yesterday, reinforces the firmness of prices, already boosted by recent export sales to China. The November 2026 contract is up again and is back to trading above $12/bu.
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.
