European market

The continued fall of the euro/dollar supports prices on Euronext closing up on Friday on most products and contracts. The euro accelerates downward vs the US dollar again with a new low at 1.1161 this Monday morning, a level that had not been observed since May 2025. This downward movement now reaches 4% over one month.
Wheat prices on Euronext are also benefiting from the renewed export competitiveness of French wheat at the end of last week and a renewed optimism on international demand with the return of Saudi Arabia to purchases.
Corn prices are moving in sympathy with those of wheat and this in a context very divided between a catastrophic 2026 harvest in France and a major rationing of demand. According to its Céré'Obs report, FranceAgriMer has 67% of corn harvested in France as of September 28, compared to the five-year average of 20% to date.
Only rapeseed moved in scattered order on Friday with a front contract down at the close on Euronext. The low water levels on the Rhine still come to thwart demand in the short term and this in a context of closing at the end of the month of the November 2026 contract. Logistics issues are also at the heart of discussions on the Fob Ducth Mill rapeseed oil market. In this context, activity is increasing on the European FOB Dutch Mill Rapeseed Oil (Argus) futures contract of the CME. 75 lots were traded on Friday on this new futures contract and its open position now reaches 910 lots.

American market

The firmness of the dollar index weighs on grain prices in Chicago. All products ended Friday's session slightly lower.
The US wheat market remains penalized by insufficient exports. The latest US export sales figures indicate a total under 10 Mt, 10 points behind the usual achievement of the US target to date and down more than 30% over a year.
In the consolidation phase, the corn market is still trying to digest the strong upward revision of the US carry-in stock printed in the USDA report of September 30. The delay displayed in sales to US exports and the harvest pressure are added to the bearish arguments that are pushing the funds to sell this product.
Unlike corn and wheat, soybeans benefit from a better export dynamics in 2026-27 in the United States, which gives it more support. The market is nevertheless weakened by the arrival of a record US production. The harvest pace should speed up with the return of dry weather this week throughout the Corn Belt.

Black Sea market

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