European market
The conflict in the Middle East continues to focus the market operators' attention. As the fifth week of blocking the Strait of Hormuz begins, crude oil prices continue their upward trend to reach $115/barrel in London this Monday morning. On three occasions in recent weeks, the $110-120 area has been the subject of violent bearish corrections and this after communications of optimism from Donald Trump.
In the context of the rise in crude oil, the euro /dollar has returned to test the 1.1500 level. Despite these supports, it is downwards that all prices closed on Euronext on Friday evening. This is above all a context of weekend profit-taking as also observed on the Chicago side.
Note that the new season's contracts closer to supply concerns are doing better than those of the old campaign which remain penalized by comfortable balance sheets. Over one week, the Euronext wheat May 2026 remains unchanged at €203.25/t while the September 2026 contract gains +€0.75/t to €212.5/t. The corn June 2026 shows a modest weekly increase of +€0.25/t to €208.25/t while the new campaign November 2026 contract gains +€1.75/t to €207/t.
For its part, the Euronext rapeseed May 2026 falls by €2/t over the week to €502.25/t while the August 2026 contract appreciates by +€3.75/t to €494.75/t.
American market
Crude oil, which ended last week in strong firmness, was a major support for agricultural commodity prices on the Chicago market. However, it was the end of week profit-taking that prevailed over the majority of products.
Wheat is an exception with a closing between unchanged and slightly higher depending on different SRW contracts. The increase was more marked on the HRW which gains 26 cents over the past week in the context of continuous drought on the southern Great Plains. Indeed, the beneficial rains on the SRW area do not move west enough to relieve the persistent water deficit on the borders of Texas, Oklahoma, Kansas and Colorado.
Corn and soybeans meanwhile closed in decline, cautious ahead of the anticipated USDA report this Tuesday, March 31, on the sowing intentions of US farmers for spring 2026.
The EPA, the administration that regulates biofuels in the United States, published on Friday its new RVO policy which seems ambitious and favourable to the demand for agricultural raw materials for 2026 and 2027. A dynamic already largely anticipated in recent weeks and months, especially on the side of soybean oil.
Black Sea market
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