European market
The euro fell back to 1.1850 vs the US dollar on Friday evening, after reaching 1.2080, the highest for 4 and a half years. The appointment, by Donald Trump, of Kevin Warsh as future president of the FED reassured the markets. Although open to a rate cut, Kevin Warsh is a strong supporter of a reduction in the FED's balance sheet. The relapse of the euro/ dollar participated on Friday in massive liquidations of positions on precious metals, leading to the reaction of the commodities sector.
Nevertheless, the easing of the euro has supported grain prices on Euronext. With an increase of + 3 € /t to 194.25 € / t, Euronext March 2026 wheat closes at a high since last November 19 and at the same time breaks a strong resistance zone at the level of 191-192 € / t which prevented it from progressing since early January. The progress of Euronext corn is more timorous with an upward closing of +€0.75/t on the March 2026 contract. The corn price on the front contract fall below that of wheat.
Rapeseed was down on Friday on profit-taking and the decrease of crude oil. The announcement of ongoing discussions between the United States and Iran by Donald Trump contributes to a dissipation of the risk premium on this market dominated by geopolitics in the Middle East. With the expiration of the February 2026 contract on Friday evening, May 2026 finds itself at the top of the rapeseed contracts of the end of the 2025 harvest on Euronext. It shows a decline of -5.25 € / t closing Friday evening at 472.25 € / t and marks at the same time a weekly decline of -3.50 € / t.
American market
The euphoria of last week on the commodities sector came to an end with a very violent correction in precious metals on Friday. In the background, the dollar is rising again while crude oil is falling. Grain prices in Chicago, driven by the interest for raw materials, also changed direction on Friday. All products were closing down in the context of profit-taking at the end of the week and at the end of the month.
In soybeans, the operators are shared. In the United States, the favourable prospects for crushing are opposed to the still present delay in exports. In South America, the arrival of a record harvest in Brazil is opposed to the deterioration of the crops conditions in Argentina.
The decline in corn remains contained by the support of a strong dynamic in US corn exports and by the deterioration of the crops condition in Argentina. The Buenos Aires stock exchange estimates at 46% the share of Argentine corn in a good to excellent condition compared to 52% the previous week.
Black Sea market
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