European market
As expected, the ECB left its key interest rates unchanged yesterday. Christine Lagarde made a rather optimistic speech for the eurozone economy, which, between the lines, closes the door to further rate cuts in Europe. A context that supports the euro /dollar, even if the parity subsides around 1.1720 this weekend against a peak at more than 1.1800 at the beginning of the week.
In crude oil, fears of a supply glut are still taking over in the face of the risks surrounding Venezuela's exports. The WTI crude oil barrel in New York is not far from its lows of the week and its lows for 5 years at $55.30.
The downward in crude oil is an additional bearish argument for the oilseed complex. This is in addition to the disappointments on US soybeans, favourable rains on Brazilian soybeans, the record harvest of Canadian canola and ample stocks of palm oil in Malaysia. So many elements that come to weigh heavily on the prices of rapeseed on Euronext, down by -6 € /t yesterday to close at 461 € /t on the February 2026 contract. This is the lowest since March 17th on this contract.
Grains, already badly affected by the environmental depression since the beginning of December, had a little respite yesterday. The selling pressure is easing slightly, which offers a modest rebound of +€0.75/t on wheat and +€0.50/t on corn on Euronext's March2026 contracts.
The markets will now prepare for the traditional truce of confectioners with the annual closure of many collectors and physical transactions slowed down for the next two weeks in France.
American market
As in Europe, wheat and corn prices firmed a little last night in Chicago. They closed slightly up, wheat being supported only by technical short-covering operations, while corn finds more support in the very strong dynamics of US exports.
The funds were available for purchase on these products. On the contrary, they continue to sell soybeans daily in a context of general depression on oilseeds at the end of the year.
On the soybean market, operators continue to worry about a lack of clarity on China's purchasing intentions of the US origin.
The USDA published yesterday the weekly US export sales figures for the week of November 27:
Wheat: 460 700 t
Corn: 1,797 Mt
Soybeans: 1,116 Mt.
Note the exceptional sale of 114,000 t of US soybeans announced yesterday by the USDA for an unknown destination.
Black Sea market
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