European market
The downward pressure observed at the end of last week continued yesterday. The selling force is much more present across the Atlantic where the pressure of the autumn harvests and the lack of competitiveness in the export of grains push the funds to the sale. The European market is undergoing this movement following the US while trying to cling to stronger fundamentals.
With a stable euro/dollar around 1.1230 and a barrel of WTI oil at $98.7, the global context is changing little and is showing wait-and-see at the beginning of the week.
On Euronext, wheat prices are returning, as at the beginning of last week, to the support zone of 242/243 €/t on the December 2026 contract, pending a new impetus on the front of French wheat exports and while very good harvests are beginning in the Southern hemisphere.
Corn market remains extremely tight on the short term with a deadline of November 2026 which preserves its support of 290€/t and which closes at 292.75€/t, i.e. 20€/t above the next contract of March 2027.
The sharpest decline of yesterday's session is to the credit of rapeseed. Under the downward influence of soybeans on Chicago and faced with the delicate exits of positions on the end of the November 2026 contracts, which closes next October 30, the front contract closes below 500€/t. This decline leads to that of the February 2027 contract which breaks its support of 550€/t, loses € 5.5€/t closing at 546.5€/t and falls to the lowest since August 31.
American market
The selling pressure of funds, already present at the end of last week, intensified yesterday on all products in Chicago. The poor export performance of US wheat in recent weeks is weighing on the wheat prices while Australian and Argentinian wheat are already presenting themselves as its next competitive threat.
Nevertheless, the Crop Progress report published last night by the USDA indicates a disappointing progress in the fall work in the United States at the end of last week.
The corn harvest was completed at 44%, up 11 points over the past week, but well below expectations and the five-year average, which stands at 52% to date.
The soybean harvest has progressed further to 64%, up 18 points over the past week, which remains slightly below expectations and the five-year average, which stands at 65% to date.
Winter wheat sowing has gained 12 points over the last week to reach 63% completion, which is lower than expected and especially than the five-year average, which stands at 69% of sowing to date.
In soybeans, the USDA declared yesterday new exceptional sales of 114,000 t to China and 261,000 t to unknown destinations.
Black Sea market
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