European market
Driven by rising temperatures in France, which are raising concerns about crop development, cereal prices climbed yesterday. On Euronext, the September 2025 contract posted a sharp rebound, gaining 6 €/t and nearing the highest levels traded in nearly four weeks. Similar movements were observed across subsequent maturities.
On the economic front, the Federal Reserve’s decision to maintain its key interest rate supported the U.S. dollar yesterday. This announcement contributed to a softening of the euro/dollar exchange rate, which dipped below 1.15 and is now approaching the 1.1450 zone. This shift mechanically implies a price adjustment.
The rebound also sparked renewed buying interest, with players eager to secure prices ahead of the new harvest. Price increases were also seen in the Black Sea market, particularly in the Romania/Bulgaria region. This trend was echoed in the first trades of the new CME CVB Wheat contract launched earlier this month, with initial volumes trading yesterday between 231 $ and 233 $/t.
Market participants are closely monitoring developments in the Middle East, where ongoing news flow continues to fuel firmness in oil prices. The rapeseed market is also trending higher, supported by further gains in Canadian canola prices. The November 2025 contract in Winnipeg even reached a new contract high yesterday.
American market
Following an active trading session yesterday and a sharp rise in cereal prices, the Chicago market is closed today due to the Juneteenth holiday in the U.S.
Wednesday was marked by a strong rebound in wheat prices in Chicago, both for SRW and HRW contracts. Prices rose by more than 4 % during the session, driven in particular by recent downgrades in crop ratings and heavy rainfall in winter wheat areas. The rebound, along with the breach of technical resistance levels, also triggered renewed fund buying, further boosting prices. The July 2025 SRW contract in Chicago reached its highest level since March 24, closing above 5.70 $/bu. For HRW, the July 2025 contract also climbed to its highest since April 21, likewise closing above 5.70 $/bu.
Corn prices in Chicago showed little movement for old crop contracts. The July contract posted a modest gain yesterday, bouncing off the $4.30/bu support level. In contrast, new crop prices saw a recovery, with the December 2025 contract rebounding from last week’s decline and closing at 4.44 $/bu.
The soybean complex showed mixed trends, still supported by firm vegetable oil prices. Soybean futures in Chicago advanced, with nearby contracts approaching their highest levels since May. Market participants will now closely monitor new crop conditions amid rising temperatures expected later this week. Soymeal prices for the July contract remained mostly flat yesterday, still trading near contract lows.
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.
