European market
The Ministry of Agriculture released yesterday its revised sowing estimates for the 2026 harvest. The most significant revisions concern spring crops, where French grain maize acreage is down by -18.8% compared to last year, reaching 1.31 million hectares, thereby amplifying the decline already announced last month. Input prices and uncertainty over maize prices have thus dampened producers’ interest in this crop. Maize prices have edged slightly higher for the new crop on Euronext. The November 2026 contract stands at around €207/t, approaching the price level of the 2025 harvest, where the August 2026 contract is currently trading above €209/t. Wheat prices also moved higher after the recent lows recorded earlier this week.
Conversely, the increase in oilseed acreage is confirmed, with sunflower area rising by +10.7% year-on-year to 0.75 million hectares. This expansion in sunflower acreage adds to that of rapeseed, which has been revised upward again, now exceeding 1.4 million hectares, an increase of +12% compared to last year. Given the current economic situation, market participants are naturally monitoring the rising figures for fallow land. Rapeseed prices on Euronext posted another decline yesterday, attempting a late-session rebound to settle at €510/t on the August 2026 contract.
American market
After hitting a new intraday low the previous session, close to its lowest levels since early last February, soybean prices rebounded, gaining more than 10 cents on both the July 2026 contract and the new crop contract. The decline in prices since the beginning of the month is encouraging renewed buying interest, with a potential positioning from China expected for U.S.-origin soybeans in particular. Export sales figures in the coming weeks will therefore be closely watched, as will USDA communications regarding any potential exceptional export sales. Meanwhile, soybean oil prices in Chicago posted another decline, following energy and crude oil markets, which have recorded a sharp drop since the beginning of the week.
Corn, which has also seen a significant decline for over a month, showed little recovery yesterday despite an intraday rebound attempt compared to the previous day. The July 2026 contract is still trading below $4.20/bu. For the new crop, the December 2026 contract is trading below $4.45/bu, remaining very close to its lowest levels. Weather forecasts are currently favorable across corn-growing regions, with some rainfall expected and no excessive heat.
The rapid progress of the winter wheat harvest is confirming yield forecasts that are lower than last year’s. Prices in Chicago for HRW wheat have shown little movement, fluctuating for the past two weeks within a range of $6.30–$6.50/bu on the September 2026 contract. On the same contract, SRW wheat prices have been trading between $5.90–$6.10/bu over the same period. As summer approaches, wheat prices remain very close to their lowest levels since spring.
Black Sea market
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