European market
The rebound of the euro against the US dollar was observed yesterday following the publication of disappointing employment figures in the United States. This element has led to a return of parity above 1.1400, a level that is trading again this morning above 1.1450. This movement has led to a slightly lower price adjustment, especially for wheat, both on Euronext and on the physical market.
In France, the harvests are advancing rapidly, with volumes available now in the country. Wheat prices on Euronext are coming back to be displayed close to the support zones. In corn, the prices of the old harvest on the August 2026 contract of Euronext showed a slight decline yesterday after having touched, the day before, their highest level for more than a year. In the new harvest, prices were still rising, supported by the strong concerns about the production potential because of the impact of the last heat wave. The current price level is already leading some buyers to review their needs for the new crop, seeking to replace this product with others.
In oilseeds, rapeseed harvests are also progressing in France. Prices are currently showing a decline, both in seed and oil. Rapeseed prices on Euronext are gradually approaching important technical support areas.
American market
The CME market will be closed this Friday, the eve of the US Independence Day. The operators did little to change their positions yesterday, with grain prices generally unchanged compared to the previous day. The weekly export sales figures provided little support, despite a volume of around 1.5 Mt of corn accumulated between old and new harvests. The price of corn in Chicago, on the December 2026 contract, closed the week above $4.40/bu and at the same level as last Friday, erasing the pullback movement initiated at the beginning of the week.
The US market has now integrated the decrease in areas intended for wheat production, confirmed this week by the USDA. On the September 2026 contracts of the SRW and HRW wheat contracts, prices close the week higher, showing respectively at $5.9975/bu and $6.3850/bu. These levels, although increasing compared to those negotiated at the beginning of the week, nevertheless remain much lower than those observed in mid-June and very far from the levels of last May.
In soybeans, the November 2026 contract closes the week at $11.50 /bu, integrating the latest estimates of sown areas published this week by the USDA. The market's attention will now focus on the conditions of the crops, especially during the flowering period. The weather forecast suggests slightly decreasing temperatures as well as a possible return of rains.
Black Sea market
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