European market

After months of calm, volatility is back on the grain market. The marked showed a rebound in wheat and corn yesterday on Euronext, partly erasing the strong losses of last week. The European market rebounded yesterday following the American market and this after the announcement by the United States of a trade agreement concluded with China for the annual purchase of 17 billion dollars of US agricultural products over 2026-2028 in addition to the 25 annual Mt already agreed over the same period. 
Although not confirmed by China, this announcement did not leave room for skepticism yesterday. The fear of missing the start of the upward trend has itself fueled the rebound on both sides of the Atlantic.
The crude oil market remains firm with the support of global stocks which are gradually dwindling. Nevertheless, Donald Trump's latest statement brings some relief to this market. The US president has indeed announced a postponement of a military attack scheduled for this Tuesday on Iran, at the request of the Gulf countries and this in a context of negotiations that would advance in the right direction.
The energy context, the weakness of the euro/dollar and the buying fever of funds on the soybean complex in Chicago yesterday gave sufficient impetus to European rapeseed to close on new contract's highs on Euronext.

American market

After the disappointment of the end of last week by the absence of agricultural announcements during Donald Trump's visit to China, the US grain market started the week up after the announcement Sunday evening of an agreement of 17 billion annual dollars until 2028. The funds that liquidated their positions on Friday massively bought them back yesterday, boosting the prices of wheat, corn and soybeans. Corn is showing its best daily performance in almost 3 years.
After the close, the USDA released its highly followed weekly Crop Progress report. The main result is a new deterioration in US winter wheat with an additional decline of -1 point to only 27% from "good to excellent" at the lowest since 1996 while the share of "bad to very bad" continues to increase with a further + 3 points over the week to 43% at the highest since 2014.
The situation is better for US spring wheat with sowing carried out at 73%, above expectations and above the 66% average to date. The 39% of fields are showing sprouts, this is also ahead of the five-year average of 34%.
The same situation is seen for corn and soybean plantings, which are 76% and 67% completed, respectively, above expectations and the five-year average. 39% of corn fields and 32% of soybean fields show sprouts.

Black Sea market

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