European market

The announcements made in New York, on the sidelines of the UN General Assembly, attract the attention of speakers due to the presence of the Ukrainian president and the Russian foreign minister, for which several exchanges with American representatives are scheduled. Several themes could be addressed, in particular energy issues as well as the evolution of the conflict. With no concrete element for the moment in the face of the situation of the flow of goods in the Black Sea, wheat prices did not change much yesterday both on the physical market and on the Euronext market.
On the other hand, corn prices on Euronext yesterday marked a sharp upward acceleration after crossing an important technical zone. The November 2026 contract is approaching its highest level processed at the beginning of the month, with a clearing price of € 276/t. Faced with this significant increase, the volumes traded, all contracts combined, did not exceed 7,000 lots, which still represents more than double the transactions observed during the previous two sessions. The yield results remain disappointing in France as the harvesting work progresses. Faced with the decline in production volumes observed in Europe, mainly in France, the use of imports is accelerating within the European Union. The latest data published by the European Commission, although still partially incomplete, highlight an acceleration in imports, cumulatively posted at 4.47 Mt since the beginning of the campaign, an increase of 27%. Given the price levels of European corn, buyers are looking to replace it either with other European cereals, or with imported corn, which has become more economically attractive, especially from North American and South American areas.
In the wake of the decline in crude oil prices, soybean oil as well as Canadian canola, rapeseed prices showed a downward movement. The November 2026 contract on Euronext erases part of the rebound observed the day before, while closing the session above the € 550/t level. Operators still remain very worried about the sowing still in progress and the uncertainties weighing on the futur areas of the 2027-28 harvest.

Black Sea market

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