European market

It was in a depressed mood that the European grain market ended last week. Amid a bearish atmosphere that had been building day by day, a sudden bullish reversal in the euro/dollar exchange rate on Friday afternoon delivered the final blow.

Macroeconomics remains one of the key drivers at the moment — especially since U.S. economic policy has been undergoing major upheaval following Donald Trump's return to power in the world’s leading economy.

The monthly U.S. employment figure cast a chill over financial markets on Friday. July disappointed with only 73,000 new jobs created versus the 110,000 expected. Worse still, June’s figure was revised down to just 14,000 jobs, compared to the previously expected 147,000.

Such a reversal, which led to the dismissal of the official responsible for publishing these figures by Donald Trump, calls into question the Fed’s hawkish narrative. As a result, the euro/dollar surged dramatically, climbing from a low of 1.1391 to a high of 1.1597 on Friday.

Prices on Euronext adjusted downward mechanically. September 2025 wheat fell by 1.75 €/t to close at 194.5 €/t, November 2025 corn dropped 0.50 €/t, and November 2025 rapeseed plunged by 2.50 €/t.

On the ground, the resumption of harvests is eagerly awaited. 11 % of France’s wheat crop is still standing, and much more remains in the fields across northern Europe.

American market

The weakening of the U.S. dollar, following disappointing employment figures for June and July, provided little support to the Chicago grain market. Prices were more heavily penalized by the resulting downturn in financial markets. The commodities sector is also suffering from steep tariffs announced by the Trump administration against the most defiant countries.

Wheat remains a prime target for sellers on the Chicago market. It hit a new low and dropped 3.8 % over the week on the nearby contract.

Corn, though also down, showed more restraint thanks to strong export performance. On Friday, the USDA announced exceptional new sales of 125,000 and 227,160 t to unknown destinations, bringing the week’s total to 1.15 Mt.

Soybeans managed to hold steady at Friday’s close. The outlook for drier and significantly hotter weather across the Corn Belt has temporarily halted the two-week downward spiral.

Black Sea market

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