European market

Yesterday was quiet on Euronext in the absence of the US markets closed for the Thanksgiving holiday. The total volumes processed on the wheat contract collapsed below 50,000 lots, i.e. one of the weakest days of activity of the year. Corn and rapeseed also experienced reduced volumes yesterday. In this context, the prices of the three products have changed little. 
The wheat market remains marked on the international scene by harvest pressure and the decline in fob prices in Argentina while the situation seems a little firmer on the Australian side where the harvest is also in full swing.
The Buenos Aires Stock Exchange yesterday revised up its harvest estimate by +1.5 Mt to a new record of 25.5 Mt. The organization reports a harvest done by 33.9% while the sowing of corn and soybeans are carried out at 39.3% and 36% of the projected areas, respectively.
In Europe, the European Commission has again revised up its 2025/26 harvest estimates to:
Soft wheat: 134.2 Mt against 133.4 Mt previously
Corn: 57.6 Mt against 56.8 Mt previously
Rapeseed: 20.2 Mt against 19.9 Mt previously
Sunflower: stable at 8.5 Mt.
Only barley production is revised down to 55.6 Mt against 55.9 Mt previously. Moreover, feed barley is one of the products that is showing the most firmness at the moment, whether in France, Europe or internationally. In addition to a reduced Black Sea barley supply this year, demand continues to be active. This was the case yesterday with a purchase of 75,000 t of feed barley by Tunisia on C&F price levels ranging from $268.4 to $269.6/t. The quantity initially sought during this call for tenders for 125,000 t could not be covered.

American market

All US financial markets were closed yesterday for the Thanksgiving holiday. The reopening scheduled for today will only take place over a reduced session in duration. With many operators taking the opportunity to have a prolonged holiday, the activity should be very quiet these days. 
The main topic of the moment on the US market remains China and its purchases. Whether in soybeans but also in wheat, sorghum or corn, there are a lot of discussions and rumours.

Black Sea market

CME (Argus settled) CVB Futures calendar spreads traded for the first time since the contract launched on Thursday. The December/March calendar spread traded flat in 5 lots. The spread has narrowed from almost $10/t since the middle of September.