European market

After last week’s sharp rise, the wheat market is consolidating on Euronext as it waits for new factors. Operators are following what appears to be tough negotiations in the ongoing tender for soft wheat purchases by the OAIC, in a context where international prices have increased since Algeria’s last purchase.

Euronext corn is also consolidating, with prices remaining firmer on the nearby positions than at the end of the campaign or on the new crop.

Rapeseed is showing some renewed bullish momentum, supported by a still strong geopolitical risk premium on crude oil, with the barrel flirting again yesterday with 67 $ in New York.

The return of drier and warmer weather in France, after 6 to 8 continuous weeks of rainfall in some areas, is providing some reassurance to operators.

American market

The slight improvement in winter wheat crop ratings in Texas and Oklahoma, along with the possible arrival of light rains over the southern Great Plains next week, is weighing on US wheat prices. Selling pressure, however, remains limited due to ongoing international geopolitical uncertainties.

Corn is mixed, with prices closing near unchanged in Chicago. It remains supported by the very strong export momentum in the United States. However, gains are capped by the outlook for upcoming South American harvests. Despite regional advances and delays, corn planting is progressing satisfactorily in Brazil, which reassures operators.

On the soybean market, operators are still trying to assess the possible consequences of the US Supreme Court’s cancellation of the tariffs imposed by the Trump administration. The end of Chinese New Year celebrations is allowing international activity to resume more firmly and is bringing a slight strengthening of prices in Chicago.

Black Sea market

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