European market
The upward price movement seen across the Atlantic has provided support for European markets, despite the euro remaining strong against the US dollar, hovering near 1.18. All commodities have experienced an increase, though wheat saw only a modest rise during the early stages of harvesting. The high temperatures observed are raising concerns about corn crops, which have already begun flowering in some early regions. Prices on Euronext rose yesterday for both wheat and corn on the nearby contract by + 1.25 €/t.
In rapeseed, the corrective movement observed since last week gave way to a technical rebound as a support zone approached. All Euronext contracts rose by around + 6 €/t, though this did not close the significant price gap currently visible between the August 2025 contract and the next one. The progress of harvests is expected to provide reassurance about rapeseed's yield potential and oil content.
Price increases are also evident in the Black Sea market, where wheat prices at CVB ports (Constanța, Varna, and Bourgas) are climbing. New volumes were traded yesterday on the CME’s Black Sea Wheat CVB contract, which settles based on an Argus reference cash price. Trade negotiations recorded yesterday concern the December 2025 contract, with prices registered between 241 and 243 $/t. This provides a good benchmark for determining the price differential between Black Sea and Western European origins.
American market
Corn prices, both for old and new crop, showed a strong increase with renewed buying interest from funds and commercial players, following recent lows. The December 2025 contract, which had been trading just above 4.20 $/bu the previous day, rose by more than +2.7 % in yesterday’s session alone, erasing the decline of the past six sessions. This price rebound also allows for a retest of the downward trend that has been in place for several months. In terms of production potential, current corn crop conditions in the U.S. remain satisfactory as the key flowering stage gradually approaches.
Wheat also saw gains on both SRW and HRW contracts, benefiting from the corn price rebound and increased buyer interest as the September 2025 contract nears the 5.35 $/bu threshold. Upcoming weekly export figures will be closely watched due to the renewed drop in the dollar and the return to near-lows in U.S. new crop prices.
Already supported by soybean oil price levels, soybean futures traded higher yesterday. The rebound brought the November 2025 contract closer to the 10.50 $/bu level, erasing more than a week of losses. U.S. exporters remain highly attentive to announcements regarding trade negotiations and tariff levels. The conclusion of talks between the U.S. and Vietnam is expected to result in a surcharge on Vietnamese exports to the U.S., but no new tariffs on American products heading to Vietnam. This outcome is reassuring, especially as many negotiations are ongoing with major importers of U.S. goods.
Black Sea market
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