European market
Wheat prices have changed little since the start of the week, once again testing technical support zones across the different Euronext maturities. The Sep 26 maturity, which currently holds the largest open interest, closed yesterday above 201 €/t after briefly dipping below 200 €/t during the session. Despite very attractive new crop prices compared to other origins, export volumes still need to materialize. The latest figures released by the European Commission for the 2025/2026 campaign highlight Morocco as the leading export destination to Third Countries for soft wheat, with more than 3.2 mn t exported so far. In terms of European exports to Third Countries, activity from Romania is also being highlighted, exceeding volumes. Western European exporters are currently paying close attention to Romania’s production potential for the upcoming season.
In corn, prices are showing little movement, with 2025 crop levels still close to the recent lows seen since early June. Market participants remain, of course, very attentive to the price spread between straw grains and corn during the summer period. Import flows from Ukraine, the USA and Brazil are being closely monitored for the coming quarter.
The stabilization of the euro against the dollar around 1.1550 after the recent decline, along with slightly weaker oil market prices, is providing little momentum for rapeseed prices. Prices on Euronext showed a timid move by the end of the day, still standing above 520 €/t on the Aug 26 contract.
American market
A new exceptional sale for a volume of 120,000 t of corn was announced yesterday by the USDA, with no information provided on the destination. The sharp drop in corn prices over recent weeks is thus generating some buying interest, both in old crop and new crop. Prices in Chicago, on the Dec 26 contract, were attempting to stabilize yesterday after returning to their lowest levels since January earlier this week, closing the session above 4.44 $/bu. Forecast rainfall is reassuring for now, especially as planting is now nearing completion.
In wheat, the recent decline, which pushed prices below 6 $/bu on the nearby Jul 26 and Sep 26 maturities on the SRW contract, is giving way to a phase of stabilization above technical support zones. Operators will be watching closely the release tomorrow of the USDA monthly report.
The downward trend, however, is still visible in oilseeds, with prices in Chicago declining for both soybean and soybean meal. On the Nov 26 maturity, soybeans are trading around 11.30 $/bu, still close to their lowest levels in three months. Soybean meal prices are also weakening, trading on the first maturities at their lowest levels since last February.
Black Sea market
Click here to request full access to the AgriMarkets report to find out more about the Black Sea region, and follow price trends in Russia on a daily basis.
