European market
Another decline of the euro against the dollar, which is strengthening and is now moving below 1.1350, back to its lowest levels for four months, did not offer price support yesterday on the European market. Prices on Euronext have closed down, following the downward movement observed on the American markets after the quarterly publication of stocks. In the absence of developments in the situation in the Black Sea concerning export activity from Russian and Ukrainian ports, European operators are following the movement observed in the US, in particular due to the pressure exerted by funds on the market.
Wheat and corn prices posted a decline yesterday on Euronext after a session marked by a strong amplitude of variation. Wheat prices, although falling at the end of the day, came to test some technical levels after the downward movement observed the day before. The December 2026 contract, after having traded above €239/t, was displayed at the end of the session around €236 /t. In the new harvest, prices also mark a slight decline while producers are following with interest the weather forecasts for the coming weeks, given the generally dry conditions announced over a large part of the northern half of France.
The amplitude of variation was also strong in rapeseed, with prices closing at a level approaching the lows of the beginning of the week. The November 2026 contract, after having traded at more than €545/t in session, marked a decline at the end of the day. However, the downward movement is more limited on the following contracts, with prices trading on Euronext above €550/t on the February and May 2027. In the new harvest, prices also mark a decline, while the potential size of the European crop for the next season and the current state of the crops remain areas of concern.
American market
Yesterday's USDA publication on the size of quarterly stocks in the USA had a shock effect on the corn market. The USDA surprised the consensus of analysts by announcing a quarterly stock at the beginning of September of 2.09mn bu, a figure higher than expectations and also up sharply compared to the same period last year. Corn prices on the December 2026 contract fell by more than 4% to come back to test the support of $5.00/bu. The prices have retraced the entire upward movement observed since August 20th. This violent downward movement was accentuated by significant sales on the part of the funds.
The decline in corn prices also impacted other products, in particular wheat prices in Chicago. Despite stocks slightly lower than expected and, above all, confirmed unsurprisingly at levels well below those of last year due to the decline in winter wheat production, the December 2026 contract in Chicago is back below $6.80/bu for the SRW contract. The downward trend observed since the beginning of September has led wheat prices in Chicago to return to trading at their lowest levels since mid-August.
In soybeans, on the other hand, the size of the quarterly stock turned out to be in line with expectations and shows a very slight decrease compared to last year. Prices, after having recorded a strong amplitude of variation in the session, finally closed the session slightly lower on the November 2026 contract, trading below $12.95 /bu. At the same time, a new exceptional sale was reported by the USDA for the export of soybeans, covering a volume of 105,000 t for the 2026-27 campaign, without specifying the destination.
Black Sea market
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