European market
The stabilization of the euro/dollar parity, below the level of 1.1870 at the end of the week, did not offer any new element of support for wheat prices after a week marked by a timid progression. European exporters remain attentive to the evolution of prices from other origins, both in the Black Sea and from Argentina, at the beginning of the second half of the campaign. The volume of the carry-over stock currently announced in Europe and France at the end of June reassures buyers and offers opportunities to meet the needs of non-EU countries.
On Euronext, after a session marked by a return close to €193/t for the March 2026 contract, wheat prices finally showed a decline at the end of the week. Corn prices have also declined, by -1 €/t compared to the previous day on the front contract. As a reminder, the options for the March 2026 contract, both for wheat and corn, will close tonight, an element that could also change the open position on Euronext of the underlying futures contracts.
In rapeseed, prices on Euronext return for the 2025 harvest below the level of €490/t. The May 2026 contract marks a decline after the return to its highest level since the end of July reached the day before. The downward movement takes place in parallel with the easing of rapeseed oil prices observed at the end of the week.
American market
Chicago market was calm last Friday, on the eve of a long weekend because of the President's Day holiday. The funds were less present on the soybean seed and oil market, even marking profit gains after the highest prices the day before. The US operators will be attentive tomorrow to the monthly communication of the NOPA on the crushing activity in the USA. The crushing pace could mark a decline after a very strong activity last December. The progress of the harvests in Brazil also remains an important factor to follow in the perspective of the new production record announced.
Wheat prices also showed a slight decline. The strong rebound movement of the previous day brought selling pressure, pushing the March 2026 contract below $5.50/bu. However, current levels are still close to the highest levels in more than two months. The opening of India to the export market, a country reassured by the current size of its stock and its prospect of harvesting for next year, adds a new possible origin for some importing countries in a market already busy this season.
Corn prices showed a slight increase on Friday. The May 2026 contract confirmed its return above $4.30 /bu, without nevertheless managing to completely compensate for the downward movement of the previous week.
Black Sea market
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