European market

The new decline of the euro against the US dollar, pushes the parity to below 1.1450 back to its lowest levels since this summer. This situation brings some price adjustments mechanically and handicaps European imports. Rapeseed prices mark an increase, completely erasing the previous day's decline, and even going back for the November 2026 contract during the day above €556/t.
On the other hand, wheat and corn prices fell yesterday, both on the physical market and on the Euronext futures market. The new ongoing exchanges, under the impetus of the United States, about a possible improvement in the situation between Ukraine and Russia, leave once again the hope of a resumption of export activity from the Black Sea. At this stage, nothing has been confirmed, but this configuration leads to a slight decrease in the prices of wheat and, to a lesser extent, corn. The December 2026 contract for Euronext wheat is approaching the support zone of €240/t. 
In corn, after the strong rebound of the previous day, prices marked a slight decline in a context where the decline in European production is confirmed due to the strong decline in French production. This downward revision is now being implemented in Europe, as the COCERAL recalled yesterday by publishing its production estimate in the EU at 48.6 Mt for the 2026/27 season, a decrease of -14% compared to last year.

American market

Prices in Chicago marked a decline yesterday, both on the grain market and on the soybean market. The strengthening of the dollar brings an element of pressure on prices in Chicago, in particular after the decision taken last week by the US Central Bank to revise its key interest rate upwards in an attempt to contain inflation. On this subject, we also note the exchanges currently being conducted by the United States between Russian and Ukrainian representatives in order to try to move towards a possible ceasefire or, failing that, towards a reduction in the intensity of strikes on energy installations as well as on port infrastructure used for grain exports. Even without apparent results, the operators are following this file with the greatest interest, which weighs on wheat prices in Chicago. The price of SRW wheat, for the December 2026 contract, is trading below $7.10/bu, i.e. its lowest level observed in this month of September and very close to its lowest level for a month.
The downward movement is also visible on corn. The prices of the December 2026 contract find the bottom of the trading range in which the prices have been evolving for almost a month. This contract closed the session below the level of $5.30/bu. This slight decline allows some countries to position themselves, like Mexico, for which the USDA reports an exceptional sale of 100,000 t yesterday. 
Today's exchanges between the Chinese and American presidents will also be followed with great interest, and especially with regard to the commitments to purchase agricultural raw materials of American origin destined for China for the next and subsequent seasons. Pending confirmation, or even for the most optimistic, commitments potentially higher than previous announcements, soybean prices fell slightly yesterday. The November 2026 contract closed the session below $13.20/bu, remaining stuck under a technical resistance zone.

Black Sea market

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