European market

Evolving close to the support level of €188.75/t, Euronext wheat December 2025 contract finally was supported yesterday by a technical rebound in the US wheat market. Following the short covering in Chicago, the European market closes on a rebound which nevertheless remains very modest.
While waiting for new elements, the wheat market retains its support for the 6th consecutive session. Nevertheless, in the background, the export competition remains very tight globally both in the face of the pressure from the Black Sea and given the low international demand.
Corn manages, following wheat, to save its support of 185-185.50 €/t for November 2025 contract on Euronext.
While operators in France and Europe are waiting for a poor 2025 corn production, Brazil is revising up its corn harvest. After already a sharp upward revision last month, CONAB has just added + 2.7 Mt to the official Brazilian production to a new record of 139.7 Mt. Soybeans 2024/25 production has risen to the record of 171.5 Mt against 169.65 Mt previously.
After rebounding by about 10 €/t since the beginning of the week, the Euronext November 2025 rapeseed contract, yesterday experienced some profit-taking under the resistance of 470 € /t.

American market

Pending the USDA report of this Friday, September 12, the funds were on the move yesterday in Chicago with repurchases of positions on all products.
The US market has therefore not taken into account the latest production increases in Brazil on new records, nor the latest wheat production increases in Russia. This weekend, American operators are only interested in the American situation with the big monthly update of the USDA's WASDE report.
Corn will be at the heart of all the discussions tonight. What will be the yield for the 1st US crop, while the hot and dry weather in August calls into question for the record expected last month by the USDA?
Soybeans, although supported by corn, remain in the anxiety of trade negotiations with China. This product is the most dependent on Chinese purchases that still do not materialize in a new campaign.
As every Thursday, the USDA published yesterday its weekly export sales figures in the United States:
Wheat 305 000 t
Corn 1,710 Mt
Soybeans 1,308 Mt.

Black Sea market

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