European market
All operators are closely following developments in negotiations between the US and Iran. As news flows and announcements come out, oil prices adjust and this morning slipped back below the 100 $/b level for Brent in London and below 93 $/b for WTI in New York.
On the European grain market, yesterday’s session was marked by the return of key market participants after Monday’s public holiday. The downward move seen the previous day therefore gave way to a rebound in prices on Euronext, both in grains and oilseeds. Rapeseed prices rose by +9.50 €/t, partly offsetting the previous day’s decline.
The current heatwave is providing support in a context where the European Commission’s estimates for the 2026 grain production in Europe have been revised downwards. For soft wheat, the Commission now expects production at 126.9 mn t. For barley, the volume is slightly reduced to 51.75 mn t, as is maize production, estimated at 60.35 mn t. In oilseeds, production has instead been revised upwards, to 20.85 mn t of rapeseed and 8.9 mn t of sunflower. A significant number of operators are working with different figures and are therefore seeking to compare these new estimates.
American market
The USDA released its weekly figures on planting progress yesterday, confirming that fieldwork is advancing. Corn and spring wheat areas increased by +10 points and +13 points respectively over the week, with 86 % of planting completed for both crops. Soybean planting is also moving quickly, rising by +13 points week-on-week and now exceeding 79 % of the area sown. These elements are reassuring regarding the establishment of spring crops in the US.
The reopening of the Chicago market yesterday, after the Memorial Day holiday on Monday, saw a decline in corn, soybean and meal prices. Soybean oil prices, after a bearish tone at the start of the session, ultimately moved higher by the end of the day, closing just below the 70 c$/lb level.
US operators were also awaiting updates on winter wheat crop condition ratings. The situation is slightly deteriorating, down 1 point, with 26 % of the area rated "good to excellent", a situation still far less favourable than last year. Winter wheat prices on the CME dropped back below 6.80 $/bu on the Jul 26 contract, returning to levels traded on May 8. SRW wheat prices also declined, falling back below 6.50 $/bu on the Sep 26 contract.
Black Sea market
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