European market

In response to the previous day's decline, prices adjusted both on the physical market and on the Euronext futures market for the new harvest. Prices rose yesterday, particularly for wheat and rapeseed. The return to historically low levels for several contracts has sparked renewed interest following the recent price drop.

Regarding wheat, the Euronext wheat contract for May 2025, whose open interest has now significantly declined, will expire next Monday, May 12. As the campaign draws to a close, operators are now shifting their focus to the 2025 harvest and questioning the production outlook for the new season. As of today, weather conditions in Europe are mixed, with some areas benefiting from good rainfall, while others are currently drier.

The rebound in oil prices and the rise in rapeseed oil prices—also observed on the new European CME RSO contract—are providing support for rapeseed seed prices. The August 2025 contract has climbed back above €470/t on Euronext, unaffected by the easing of Canadian canola seed prices or the continued decline in palm oil prices.

At the beginning of May, when several public holidays are limiting activity on physical markets, Euronext will remain open tomorrow, May 8, marking the 80th anniversary of the end of World War II.

American market

The return of prices close to their lowest levels for the new harvest, observed earlier this week for both wheat and corn in Chicago, led to a slight rebound yesterday. Some buyers are taking advantage of current price levels to reposition themselves, encouraging a modest upward movement in both wheat and corn contracts.

Concerns about the impact of high temperatures on wheat production in China's Henan region are also adding uncertainty, highlighting the need to monitor weather risks during this spring period. However, the current trade relations between China and the U.S., particularly regarding trade tariffs, remain a complex and challenging factor for commercial exchanges between the two countries.

Moreover, current weather conditions in the Corn Belt continue to support progress in corn and soybean planting. Soybean prices, for both the old and new harvest, saw another decline yesterday in Chicago. The July 2025 contract tested the support zone at $10.40/bu, even trading at its lowest levels since mid-April during the session.

Black Sea market

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