European market

The macro-economy continues to be the focus. US economic growth in the second quarter of 2025 was revised yesterday to an annual level of 3.8% against 3.3% initially expected. This improvement alleviates the prospect of a sharp rate cut by the FED. In this context, the euro vs the US dollar accentuates its decrease with a low yesterday at 1.1646, the levels of early September. Crude oil is also attracting attention with a barrel at the highest level in a month and above $65/barrel in New York amid geopolitical tensions with Russia.
Wheat prices are taking a step back. The global abundance and the lack of exports in France are holding back the increase while the retention and short positions buyng back limit the decline.
Corn, which was a little late in its rebound against wheat, accelerates with a closing up + 1.75 € /t to 188 € / t on the November 2025 contract of Euronext. The price difference between the two products is now less than €3/t on the Euronext front contract.
Rapeseed prices, after recovering this midweek, are pressured by profit-taking and more generally by a return of selling interest on the current resistance zone of 475-478 €/t on Euronext November 2025 contract.

American market

US operators were surprised yesterday by the speed with which the milestone of $ 7 billion in export sales was reached in Argentina. It shows the power of this country on the international stage. The reinstatement of export taxes as of yesterday, however, relieves Argentina's competing origins and in particular US soybeans, up slightly at the close last night in Chicago. Weekly export sales in the United States amounted to 724,000 tons over the past week, which remains insufficient because of the absence of China.
Corn is divided between persistent doubts about the final yield level of the US 2025-26 harvest on the one hand and the arrival of this record harvest on the market on the other hand. The weekly US export sales of 1,923 Mt were nevertheless judged as supportive.
As in the Black Sea and Western Europe, wheat prices in Chicago are finding a slight support thanks to the return of demand on the international scene. Operators were encouraged by a recovery in US weekly export sales to 540,000 t over the past week.
The funds were purchasing yesterday wheat and corn while they were still selling soybeans.

Black Sea market

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