European market

The grain market marked a new wave of increase. The various easing arguments integrated by the market to consolidate since last weekend have exploded. Russian President Vladimir Putin said yesterday that peace talks were fruitless and that an escalation of Russian strikes in Ukraine should be expected. New boats were hit yesterday. Wheat prices reacted strongly to the increase on both sides of the Atlantic. They have taken in their bullish wake other grains and oilseeds. Wheat, corn, rapeseed, sunflower oil: the list of products blocked in the Black Sea is indeed very long.

Euronext wheat December 2026 contract, with an increase of + €8.5/t, closes at €245.25/t, i.e. its 2nd highest level after the €247/t of last July 22.

Corn November 2026 contract shows less increase due to a very strong resistance zone around €265/t.

The rapeseed August 2026 contract has meanwhile recovered, over the last two sessions, 50% of its €33/t of decrease conceded since last weekend.

On this subject, the eyes are also turned to the field and the plantings which are struggling to advance in France with insufficient rains so far in many places. The new stormy wave of this Thursday and Friday across France will therefore be followed very closely in terms of rainfall totals.
This drier than expected start to the week has allowed sunflower harvest to continue their very early advance in France with still extremely disappointing yields.

American market

As with every renewed tension in the Black Sea, the American wheat market in Chicago is at the forefront of the increase. As in 2022, this futures contract reacts the fastest to announcements about the situation in Ukraine. The bellicose speech of the Russian president and the new boat strikes yesterday propelled wheat prices to the limit of increase last night in Chicago and at the same time to new contract highs and to the highest for 3 years.
Corn and soybeans have increased in the wake of wheat and in response to the deterioration of the state of US crops as presented Monday evening in the USDA crop rating. New contract highs have been registered on corn December 2026 as on soybeans November 2026 contracts.

Black Sea market

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