European market

Last week remained calm on the grain market in Europe after the public holiday on Thursday, May 1st, observed in many countries, which led to Euronext being closed for the occasion. This new week is expected to be more active, as Euronext will remain open every day, including May 8th.

Wheat showed mixed trends on Friday. The downward pressure persisted on Euronext’s May 2025 contract, which briefly dipped below 200 €/t before finally closing down by 1 €/t at 201.75 €/t. In contrast, new-crop contracts managed to rebound, following Chicago’s lead.

Although limited in scope, the price decline was widespread on Euronext’s corn contract, with the June 2025 maturity now falling below 200 €/t at 198.75 €/t.

Freed from technical considerations related to Euronext’s May 2025 contract, which expired on Wednesday, April 30th, the rapeseed market experienced a sharp rebound on Friday, exceeding intraday variations of + 10 €/t. Rapeseed mainly rose in sympathy with canola, which hit a new high on its July 2025 contract at 708 in Winnipeg, as the Canadian crop year comes to a tense end. However, the oilseed complex seems less optimistic at the start of the week due to a sharp drop in crude oil prices. The barrel opened the week with a - 4 % decline to 56 $/barrel in New York following the weekend announcement of a stronger-than-expected production increase starting in June for OPEC+ countries.

Weather-wise, Europe and France remain divided, with the south still receiving abundant rainfall, while the north continues to face a significant water deficit.

France AgriMer released its weekly Céréobs report on Friday:

• Soft wheat: 74 % rated “good to excellent,” unchanged from the previous week.

• Winter barley: 70 % rated “good to excellent,” unchanged from the previous week.

• Durum wheat: 76 % rated “good to excellent,” unchanged from the previous week.

• Spring barley: 82 % rated “good to excellent,” down from 84 % the previous week.

• Corn: 62 % of plantings completed, compared to the 63 % average.

American market

For once, wheat took the lead on Friday in Chicago, rising more than +10 cents/bushel. After reaching new lows, buyers have returned to this grain, which is now highly competitive both for exports and the domestic U.S. feed market. However, SRW and HRW wheat prices remained down over the past week.

Soybeans claimed second place, benefiting from a technical rebound at the end of the week, despite ongoing uncertainties about a trade agreement between China and the United States.

Corn, on the other hand, showed a more mixed trend, with a slight decline in nearby contracts and a modest increase in new-crop futures. Weather conditions remain a key factor, with forecasts predicting wetter conditions in the south and east of the Corn Belt, while the north and west are expected to be drier. Market participants will be closely watching the USDA report on Monday evening for updates on planting progress in the U.S.

Black Sea market

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