European market
The traditional end-of-the year truce begins on the grain market. The week will also be shortened on the Euronext futures market with a half-session on December 24 and a closed market on December 25 and 26. With only two and a half trading days and in the absence of many operators because of holidays and annual closure, exchanges are expected to be limited.
The eyes remain turned towards macroeconomics and geopolitics. The euro/dollar seems to find since Friday a first support at 1.1710, against 1.1500 just a month ago. The crude oil barrel resumes some support. It is showing at $57 in New York after falling to $55 last week, the lowest in almost five years.
While the peace talks continue in Miami, the conflict between Ukraine and Russia remains intense on the ground. As a result, logistics and grain export infrastructure in Ukraine are currently being reduced in pace.
Grain prices marked a modest rise on Friday on Euronext thanks to a technical rebound at the end of the week. French wheat benefits from a slight boost in export competitiveness. It also remains attractive in livestock feed, with a minimal price difference with corn.
The rapeseed prices marked a strong decrease at the end of the week. The losses accelerated on Friday with a closing decline of -6.75 €/t to 454.25 €/t on Euronext's February2026 contract. Rapeseed is not alone to be down. It suffers above all from the decrease of other oilseeds and in particular canola. The January 2026 canola contract in Winnipeg has lost 60 CAD since the beginning of December, i.e. -9.2% against -6% for Euronext rapeseed in February 2026. Over the same period, soybeans on the closer in Chicago lost -6.9%.
American market
Quiet end of the week was seed in Chicago. Soybeans continued to trade lower like the entire oilseed complex. Soybean prices return to the lowest level for two months, erasing the enthusiasm linked to the trade agreements between the United States and China.
Although closing slightly lower on Friday, corn is showing a much better performance than other commodities in Chicago. The US market remains supported by an unprecedented export momentum while the final production figure, which will not be given by the USDA until next January 12, is eagerly awaited.
The downward pressure exerted in particular by the funds' sale on SRW wheat eased at the end of last week. The level of $5.10/bu on the March 2026 contract is a first technical support since the middle of last week. US wheat exports are now looking for an impulse after a good start to the season.
Black Sea market
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