European market
The renewed tensions between Ukraine and Russia led grain prices to rebound strongly at the end of the week, especially for wheat, after several days animated by the hope of a possible ceasefire. The finalization of the harvests in the south of Russia, which was supposed to favour a more sustained return of export volumes, is now strongly questioned due to the current logistical conditions at the level of the port areas. This situation generates a renewed uncertainty, especially since Ukraine is also facing the same concerns regarding its port activity.
In this context, after briefly falling below €212/t a few days earlier, the September2026 contract rebounded to close the week at €228.50/t. The following contracts also progressed, but to a lesser extent. European operators are now hoping to see more sustained shipments materialize from their export zones, where the volumes available in ports remain high at the beginning of the campaign. Nevertheless, the rise of the euro against the dollar, which has been underway since the beginning of August and which currently brings the parity above 1.1550, will constitute an element to be monitored in order to preserve the current attractiveness of European prices.
The weather conditions will also be monitored with the utmost attention in Europe, both for the crops still in place, such as corn and sunflower, and for future plantings. The drought situation remains a concern at the moment for tillage and the preparation of rapeseed seedlings. Like the prices for 2026-27 season, the prices of the 2027 harvest are also continuing their progression on Euronext. The August 2027 contract rises again above €520/t, registering new highs, both at closing and in Friday's session.
American market
The last session of the week was marked by a strong rebound in wheat prices in Chicago. The still tense situation in the Black Sea and the uncertainties concerning the port export capacities, both Russian and Ukrainian, have revived the firmness of prices. The ceasefire proposal announced following the renewed conflict observed during the week on port infrastructure was quickly rejected, reanimating the fears of operators at a time when wheat exporting activity is usually supported in this region. In the United States, the export activity already remains dynamic at the beginning of the campaign with regard to the volumes available, and this renewed tension provides additional support to prices. The September 2026 contract closed the week at $6.75/bu, which is its highest level since the end of July, recording an amplitude of variation of almost 50 cents over the week.
Corn prices, which had recorded a decline the day before, finally closed the week higher. The December 2026 contract returns above $4.80/bu, returning to its highest levels of the last two weeks. The situation in the Black Sea, where corn export prospects remain difficult to assess given the current logistical uncertainties, gives North and South American exporters hope for a renewed interest in their origins from international importers. Now, after the latest publication from the USDA and its estimate of a corn yield of 180.7 bu/acre for the upcoming harvest, market participants will follow the results of the Pro Farmer Crop Tour counts throughout the week.
In parallel with the firmness of grain prices, soybean prices also rose on Friday, in nevertheless more limited proportions. The November 2026 contract returns to trading above $11.90/bu. This increase was also supported by the monthly crushing expectations, as well as by new exceptional sales reported on Friday by the USDA to China, for a volume of 136,000 tons.
Black Sea market
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