European market
Prices rose yesterday in the context of tension on the crude oil market and the strengthening of the dollar against the euro. The euro/dollar parity is now trading above 1.1750.
In grain market, the technical adjustments provided support yesterday in Chicago, despite still heavy fundamentals. Wheat prices on Euronext rose by +3 €/t on front contract, returning to their highest level since the end of January. However, the IGC yesterday confirmed a prospect of a still significant global wheat stock at 283 Mt, compared to 263 Mt last year. In corn, the situation is announced unchanged compared to last month, with a global stock estimated at 305 Mt.
In oilseeds, rapeseed prices have risen above €490/t on the May 2026 contract at the end of the session on Euronext. Operators remain attentive to rainy weather conditions, favouring the return of prices above 470 €/t on the new harvest. A similar upward movement is also observed on the canola market in Canada, which is returning to its highest levels since last August.
American market
The strong tension on crude oil market, with a new increase in prices recorded yesterday, continues to animate the commodity market. The negotiations between Iran and the United States are not reaching any compromise at the moment.
The wheat market in Chicago was also active yesterday. Prices have increased by more than + 14 cents on the May 2026 contract, returning close to their highest level for three months, just below $5.70/bu. A similar upward movement was observed on the contracts for the new harvest. Drying winds are reviving doubts about the state of the winter wheat crops in place. Readjustments of positions on the part of the funds were also observed, accentuating this rebound.
The announcements made at the USDA forum confirmed the hypothesis of a reduction in corn areas next spring in favor of soybeans. The soybean harvest would increase by +4.6% compared to last year to reach 85 million acres. Corn areas, announced at 94 million acres, would decline by -4.8% after the record level last year. These forecasts will be confirmed at the time of spring sowing. This news had only a limited impact on corn prices, due to forecasts of still large end-of-season stocks in the United States. The May 2026 contract is also still evolving under $4.40/bu since the beginning of the week.
The soybean market remains supported by the firmness of vegetable oil prices, which are following two consecutive sessions of strong increases. The prices of the May 2026 contract in Chicago register a new high by going back above 60 c$/lb. Soybeans are benefiting from this dynamic, even if the progress is less marked than in recent weeks. The May 2026 contract is now trading above $11.55/bu, returning to its highest level for four months, in the hope of seeing new export business to China.
Black Sea market
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