European market

Just before the harvest in the northern hemisphere, prices are struggling to move away from their support zone for a long time. Euronext wheat September contrct returned to its support of €200/t, while corn August contract is approaching €210/t. For its part, rapeseed is showing some volatility by almost canceling, during the last session, the gains at the beginning of the week.
Basically, the USDA confirmed the good production prospects in many countries. This is particularly the case in the Black Sea Basin, where Russia wheat priduction is increased by +2 Mt to 88 Mt, when local analysts expect more than 90 Mt. The same situation is in Ukraine, where the Argus Media crop tour highlights a promising potential. These volumes will be added to the stocks of the main exporters and will naturally strengthen competition on the international scene.
In France, barley harvests are starting with heterogeneous first yields, as expected given the disparate weather conditions in different areas. Céré'Obs welcomed the recent rainfall by increasing the percentage of wheat judged in good to excellent condition by one point, now at 77%. The next few days should bring more details about the 2026 crop.
On the geopolitical scene, the markets are reacting to the announcement of an agreement aimed at ending the war. Crude oil is falling at the beginning of the week to return to around $80/barrel. Although this withdrawal should be emphasized, a second phase of negotiations must open, in particular in order to decide on nuclear power. This promises to animate the markets again in the coming weeks.

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.