European market
The prices on Euronext finally benefited little from the firmness of the North American markets yesterday. The European currency was up against the dollar, back above 1.16. This upward movement of the euro has caused price adjustments.
Wheat prices have nevertheless changed little, seeking to remain attractive to stimulate the interest of the export activity. French and European exporters are cautious in the face of competition from the Black Sea and South America in soft wheat, especially as the end of the year approaches. Despite a large volume of stock, the question of the volumes actually available for sale still arises amid persistent retention on the part of farmers. Conversely, international buyers are taking advantage of current levels to reposition themselves, like Turkey, which has contracted new volumes of Russian wheat. In feed barley, the demand is also present with a new call for tenders underway from Tunisia.
In oilseeds, prices have changed little. The prices of rapeseed and sunflower seeds are displayed at a level equivalent to the previous day. On the other hand, the meal prices are down. This phase of decline is motivated in particular by the prospect of a new postponement of the application of the European regulation against deforestation and forest degradation (EUDR) by one year, announced by Parliament yesterday. Pending the latest possible adjustments and its publication in the Official Journal, operators are now integrating this new element into the market configuration for next year.
American market
Prices rebounded yesterday in Chicago, the day before the Thanksgiving holiday. The CME market will thus be closed for trading this Thursday for the various American agricultural contracts.
The session was driven by the rebound in soybean prices. The March 2026 contract is raised above $11.40/bu at the close. New purchases from China were reported in soybeans yesterday, offering an element of support. Several boats seem to have been contracted, reinforcing the prospect of an increase in export flows to China this season, in line with the latest negotiations and exchanges between the Chinese and American presidents. Some market participants nevertheless point out a significant price differential still existing between US origins and South American soybeans, especially Brazilian, which currently handicaps the economic attractiveness of US origins.
In parallel with soybean prices, the rebound movement was also strong in corn. The March 2026 contract rose yesterday by +1.60% on the session by closing above $4.45/bu. In a single session, the prices retrace almost half of the downward movement observed since the last two weeks after the publication of the estimates of the monthly report of the USDA. Operators will now follow the weather conditions and the South American crops condition with more interest.
In wheat, the session closed slightly higher, following the movement of other markets but with less momentum. The March 2026 contract is timidly returning above $5.40/bu. The figures for new weekly export sales will be closely monitored amid the stronger competition on the international scene with the arrival of harvest volumes from the Southern Hemisphere.
Black Sea market
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