European market

The downward movement of the euro against the dollar continues to provide a factor of support for European grain prices. The prices are up, without losing export competitiveness against the Black Sea origins in particular. The euro/dollar parity returns to the level of 1.15, which is its lowest in more than three months. European exporters, however, remain vigilant about the prices of Argentine wheat from now on.
Grain prices are firming on the Euronext futures market, where the upcoming December 2025 wheat contract is trading at its highest level since early September. The increase in prices is also observed on the following contracts, widening the gap between the front contract and the more distant ones. The increase in wheat prices is driving corn prices in parallel. And corn buyers are following the price gap between these two products during this end-of-harvest period.
The firmness of oilseed prices across the US, both in soybeans and canola yesterday, was not enough to support the European rapeseed market. The prices of the February 2026 contract on Euronext have marked a slight decline at the beginning of the week, reflecting a slight easing after the rebound observed last week.

American market

Still buoyed by the prospect of a development of exports to China from the end of 2025 and beyond, soybean prices in Chicago recorded a strong increase yesterday. The January 2026 contract follows consecutive sessions of increase to close above $11.30/bu, returning to its highest level since July 2024. The funds accentuate this movement with new purchases observed after those of the past week.
The upward momentum in soybean prices is also supporting corn prices, their export loading activity remains robust. The advance of the harvests, of which there would now be less than 20% of the areas to be harvested, ensures high availability, even if the farmers' reluctance to sale remains. The current price level is equivalent to last week's rebound, with prices traded yesterday for the December 2025 contract still above $4.30/bu, even ending the session at a new closing high for four months.
The wheat market is also benefiting from the rebound in prices, amplified by the break of an important resistance zone. The December 2025 contract returns above $5.40/bu and returns to trading at its highest level since the end of July. Despite an international market still largely supplied, the Chicago market is optimistic about a possible return from China for purchases of US wheat this season.

Black Sea market

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