European market

The uncertainty linked to the evolution of traffic in the Strait of Hormuz and the war in Iran pulled the crude oil markets up sharply yesterday, before they marked a strong correction. Reassuring speeches on possible solutions to delay the impact of this blocking of flows have helped to ease tensions, also leading to a decline in agricultural raw material prices, which had risen strongly at the end of last week and at the beginning of yesterday's session.
The news animates the prices of agricultural raw materials, with immediate price adjustments. At the same time, the euro/dollar parity is also recording significant movements. Yesterday, the parity marked a new low by momentarily falling back below 1.1550, close to its lowest level last November, before returning to trade at the end of the day above 1.1600. This variation requires an adjustment in prices which, after a strong increase at the beginning of the day, showed a less marked dynamic at the end of the session, even temporarily posting a decline for wheat on Euronext. Obviously, with the European market closing earlier than the US market, the latest downward movements in crude oil prices could not be integrated yesterday.
In this context of high amplitude of variation in prices, we will note the positioning for several tenders of importing countries such as Turkey in corn and feed barley, as well as Algeria for milling wheat. The current volatility, which is rising sharply, constitutes a delicate element for this type of demand, faced with a risk of a larger gap than usual between the proposals of the exporters. We should note today the closing of the March 2026 contract for the Euronext wheat contract, which yesterday experienced a decline back to the level of 195.75 € /t after a session of high amplitude.

American market

Prices in Chicago recorded a very strong amplitude of variation yesterday, all products combined, following the crude oil markets in New York or London. The latter marked a new high in the session, very close to $120/b, to finally close lower. This movement on the energy market animated the prices of agricultural raw materials yesterday. The return to high levels has also motivated profit-taking, with funds that have sold off some positions after the purchases of the past weeks. The evolution of the situation in the Persian Gulf and its repercussions on energy prices are currently erasing the fundamentals of the grain market, data that will also be updated today in the USDA's monthly report.
During the session, yesterday, corn prices have risen above $4.75/bu on the May 2026 contract, returning to trade at their highest level since last May. In the end, prices closed down, just above $4.53/bu. The traded volumes marked a strong increase on the day in the face of such a range of variation.
In wheat, the movement was comparable with a return to the highs since June for the May 2026 contract, temporarily traded above $6.40/bu, to finally close down close to $6/bu.
The soybean complex also experienced the same situation, with a sharp increase in its oil prices, traded up to c$69.91/lb, i.e. a new contract high for the May 2026, before retreating and dragging in its wake, on the same contract, the soybean seed under $12/bu and the meal under $315/t.

Black Sea market

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