European market

After the previous day's decline, grain prices stabilized yesterday, with wheat showing a slight uptick on near-term Euronext contracts. The week of August 15 typically sees limited activity on the physical market due to the absence of many operators. However, this year, significant volumes were traded on Euronext’s futures market, particularly following Tuesday’s USDA report. Notably, Euronext will remain open this Friday, August 15.

Market participants continue to closely monitor harvest progress in Northern Europe, both in terms of volume and quality, following recent rainfall episodes. Delays in harvesting are forcing exporters to make logistical adjustments, shifting from initially planned origins to volumes that are actually available.

In France, the completion of the 2025 harvest now provides full visibility on available quality. In a joint statement, FranceAgriMer, Arvalis, and Terres Inovia confirmed that the 2025 vintage offers satisfactory quality to meet market needs. For soft wheat, protein levels average between 10.5 % and 11.5 %, with specific weights ranging from 77 to 80 kg/hl. Winter barley shows excellent specific weights and calibrations, with protein content between 9.5 % and 10.5 %. Spring barley also meets brewing industry standards, with protein levels between 9.8 % and 10.8 %. As for oilseeds, rapeseed oil content has significantly improved compared to last year, averaging above 45 %.

After a sharp decline the previous day—mirroring Canadian canola—rapeseed prices bounced back yesterday, supported by technical levels and rising vegetable oil prices. On Euronext, all 2025 harvest contracts gained more than 7 €/t, fully erasing the prior day’s losses.

Dry and hot weather continues to worry sunflower growers. This situation may even trigger an early start to harvest operations as soon as the second half of August.

American market

After the sharp decline triggered by Tuesday’s USDA monthly report, grain prices in Chicago managed to stabilize yesterday. Market participants are gradually digesting the new U.S. production estimates released by the Department of Agriculture, which include a record corn crop forecast exceeding 425 million tonnes. Many traders are questioning the optimistic yield projections and anticipating possible revisions as results from upcoming crop tours emerge.

The return of prices to lower levels is encouraging renewed buying interest from various players, both financial and commercial. The December 2025 corn contract stabilized just below 4 $/bu, posting a modest gain after the previous day’s drop.

Wheat prices also began to stabilize after hitting fresh lows. The December 2025 contract ended the session slightly higher, though it failed to break back above 5.30 $/bu. The downward trend seen since early August continues to enhance the competitiveness of U.S. wheat on the export market. Today’s release of weekly export sales figures will be closely watched to confirm the positive momentum observed since the start of the marketing year.

The strongest upward movement in Chicago yesterday was seen across the soybean complex. Prices rose again, reflecting the impact of the recent downward revision in U.S. planted acreage. For the new crop, November 2025 soybean futures climbed back above $10.40/bushel, reaching their highest level since early July. Soymeal prices also rebounded across both nearby and deferred contracts. The September 2025 contract is now testing the resistance level of $290/short ton, marking a seven-week high. Soybean oil prices continued to rise as well, confirming the rebound initiated the previous day.

Black Sea market

Following the price drop observed after Tuesday’s USDA report, prices showed a modest rebound yesterday at Romanian and Bulgarian port zones. On the CME’s Wheat CVB contract, a new transaction involving 200 lots was recorded yesterday at a price of 240.25 $/t.

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