European market
Last week was accompanied by a continuous decline in the euro/dollar which again ventured below 1.1500 before bouncing back to close above this key level. This decrease of the euro has provided some support to grain prices, making it possible to partially compensate for the downward influence brought by the Chicago market since mid-last week. As every time a peace plan is discussed in Ukraine, the funds find a selling point on wheat. The latest proposal from the United States is no exception even if nothing has been settled to date.
Ukraine is facing this autumn a climate adverse to harvests. According to the latest figures published by the Ministry of Agriculture of the country on November 21, 12% of the areas would still remain to be harvested. These are mainly corn and sunflower with volumes harvested to date do not exceed 20.8 Mt and 9.01 Mt according to official data. Corn and sunflower prices remain supported in Ukraine as in Western Europe.
In wheat, the market is down pressured by the harvest progress in Australia as in Argentina. In rapeseed, prices remain very volatile and subject to many opposing forces. After reaching a high for about 4 months on Thursday, prices relapsed on Friday. The February 2026 contract closes again below €480/t amid profit-taking of the end of the week.
In France, the crops remain in very good conditions according to the latest grain report published Friday by FranceAgriMer:
Wheat: 98% of "good to excellent", unchanged and against 88% last year
Winter barley: 98% of "good to excellent", unchanged and against 84% last year to date.
American market
Grain prices ended the week lower on the Chicago market, under selling pressure from funds. Soybeans, meanwhile, were able to save their Friday session by rebounding before the end of the session thanks to a return of funds to purchases.
US wheat is under pressure, operators considering the 132,000 t purchased by China last week insufficient. The harvest pressure from the Southern hemisphere and the strong international competition weigh in the background. In corn, the selling pressure of US farmers has increased compared to that of the funds last week to bring prices to the lowest for a month on the close.
Operators nevertheless remain wait-and-see in the face of US export sales figures which remain incomplete for the moment after more than 6 weeks of shutdown.
Black Sea market
Click here to request full access to the AgriMarkets report to find out more about the Black Sea region, and follow price trends in Russia on a daily basis.
