European market
As nervousness gained the crude oil market at the end of the weekend, President Trump called for de-escalation between Israel and Iran. The establishment of a fragile ceasefire has once again calmed crude oil prices which are falling towards $90/barrel in New York on Tuesday morning. A movement that favours the relaxation of the dollar and revives the appetite of investors on the stock markets. The euro /dollar has found enough support to bounce back on its key support of 1.1500 and is showing this morning at 1.1540.
On the ground, the weather remains considered favorable for crops over a large area ranging from the Atlantic to the Urals. The strengthening of production prospects in Europe and the Black Sea complicates attempts of prices to rebound on technical levels after the sharp fall last week.
However, Euronext September 2026 wheat was able to preserve its support of €200/t yesterday after a brief attempt to break up to €199.50/t. Corn, which suffers from the decrease of prices on the international scene, could not preserve its rebound on Friday and is down by-1.75 € /t closing at €217/t in August 2026. Like Friday's session, rapeseed was again very hesitant yesterday on Euronext. However, it preserves the support of €520/t with a closing increase of +€1.75/t to €521.50/t in August 2026.
American market
After having suffered strong losses since the end of May under the weight of massive sales by the funds, the US grain market is looking to catch its breath and consolidate on current levels. If wheat prices in Chicago were able to rebound very modestly by a few cents at the close last night, corn prices barely remain at equilibrium while a few more cents of decline are lost by soybeans. A situation that remains very fragile at the beginning of the week, while the weather remains considered favourable for crops on the Corn Belt.
The US market also remained wait-and-see yesterday before the publication of the USDA's weekly report on the state of crops in the United States. This results in a new degradation of winter wheat by an additional -1 point, which drops to only 25% for "good to excellent". This level is especially the lowest to date ever posted in 40 years of weekly publications.
On the contrary, spring wheat is largely doing well and jumped +5 points over the week to come out at 52% for "good to excellent", which exceeds expectations but remains below the 5-year average of 55% to date.
Corncrop rating is renewed to 67% for "good to excellent" which is slightly below expectations and below the 69% of the five-year average to date. Finally, the state of soybeans declines by -1 point over the week despite an expected improvement. With 65% of "good to excellent" soybeans are also below the five-year average to date which is 66%.
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.
