European market
Operators are still very nervous about the evolution of the conflict in the Persian Gulf and the often contradictory information on the evolution of negotiations between the United States and Iran. This situation pushed yesterday the prices to rebound both on the New York stock exchanges and in London. This tension on crude oil prices maintains the firmness of vegetable oil prices which support in its wake the prices of canola and rapeseed. On Euronext, August 2026 rapeseed prices marked a new contract high at €535.50/t and closed above €530/t. The new information of the night leads crude oil prices to show a slight decline compared to the previous day.
On the other hand, the grain prices are recording a new decline. Wheat prices in the new marketing year are running out of steam in the perspective of the early harvest, without however leading to much activity on the physical market currently. On Euronext, the September 2026 contract is now displayed below €203/t, returning to its lowest level since the end of last February. The price relaxation movement is also visible for other origins. This movement, however, leads some importing countries to position themselves, like Tunisia which yesterday launched a call for tenders for milling wheat for shipments from the beginning of July.
The downward movement is also marked in corn. After the violent upward movement of the past week, the June contract which expires tomorrow closed yesterday at 210 €/t. The decline is also observed on the following contracts in connection with the lower attractiveness of this grains compared to other substitute grains, in particular towards the animal feed outlet.
American market
The US market is marking a strong decline for the past week, successively forcing technical support points under selling pressure from operators and funds. The favourable weather forecasts for plantings and the development of crops in place with the announced arrival of rain weigh on the prices both on the end of the campaign and the new harvest. In corn yesterday, the July 2026 contract was back to test the area of $4.30/bu, its lowest since last August and even accentuates this morning in the overnight session a new contract low by evolving to $4.26/bu. Corn prices over the near term show a decline of around -12% over one month. The operators are also following the evolution of ethanol prices in the USA, which are also falling after the recent highs observed last month. The announcement made yesterday by the USDA of a sale of corn destined for Korea for a volume of 136,000 t did not stop the decline in the new harvest where the December 2026 contract returns to trade below $4.90/bu, i.e. its lowest level since last February.
The downward movement is also observed in soybeans which, despite the firmness of current vegetable oil prices, also pushes important technical areas both in the old harvest and in the new campaign. In Chicago, the July 2026 contract is well below the $11.60/bu level. In the new harvest, however, this level is still relevant despite the decline observed in recent days for the November 2026 contract.
In wheat, the declining sessions follow one another with, for HRW winter wheat, a new decline below $6.30/bu for the July 2026 contract, retracing the bulk of the upward movement observed since April. In parallel, SRW wheat follows the same trend. The July 2026 contract even broke the $6/bu level yesterday, accelerating the downward movement on the session and is approaching the lowest levels treated since mid-April.
Black Sea market
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