European market
The European market is still benefiting from the decrease of the euro against the US dollar, moving again around 1.15, its lowest level since last August, which leads to a global upward adjustment in prices in recent days. Wheat prices on Euronext are progressing on the distant contracts, reinforcing the contango already observed by the end of the campaign. In Europe, and particularly in France, the major challenge in the coming months remains the development of the export activity, given the large volumes still to be exported and a competition that is likely to increase with the arrival of the new crop from the Southern Hemisphere and a stronger export activity from Russia. On the new campaign, the prices are also up, with some operations visible on the options market.
Corn prices are rising, both on the physical market and on the futures market. The delay still observed in Ukraine brings an element of firmness in the short term. However, operators in the animal feed sector are attentive to the price gap between corn and other available feed grains. On Euronext, the November 2025 contract closed yesterday, now the first one available for trading is the March 2026 contract, trading close to €200/t, at its highest level since September.
In oilseeds, prices have changed little since last week, both in rapeseed and sunflower. The February2026 rapeseed contract on Euronext is approaching the level of €480/t, converging with physical market prices.
American market
The upward movement observed on soybeans, driven by a renewed optimism about the prospect of a resumption of trade with China, now leads prices to test an important resistance zone. In terms of trade relations between China and the United States, the Chinese authorities officially announced yesterday the extension for one year of the suspension of part of the customs duties imposed on US products. The market is nevertheless waiting for the fulfillment of the hoped-for orders, in a context where Brazilian origins remain attractive for Chinese importers.
Corn prices, supported by the firmness of soybeans, are also testing an important resistance zone. The December 2025 contract closed on the $4.35/bu area in Chicago, i.e. a new closing high since last July. Operators are waiting for the publication of the new figures from the USDA announced on Friday 14th. Despite a reduced activity in the context of shutdown in the United States, the new estimates of yields and production will be communicated in a cople of days, while the harvesting work is close to the end of next week.
Wheat prices have been firming since the beginning of the week in Chicago, despite the current strength of the dollar. On the technical side, prices are coming back to test, again, an important resistance zone. The December 2025 contract is trading above $5.50/bu and is back at its highest levels since the end of last July.
Black Sea market
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