European market
The negotiations between the United States and Iran yesterday led to renewed tensions, causing crude oil prices to rise, both on Brent in London and on WTI in New York. The strong presence of military forces in this area continues to fuel tensions between the two sides. This situation also contributes to a slight appreciation of the dollar. The discussions conducted at the same time by the United States, in Switzerland, with Russia and Ukraine have also not provided any elements suggesting an improvement in the face of the conflict.
The relaxing movement of the euro against the dollar, observed at the end of the day yesterday, continues this morning, bringing the parity below the level of 1.18. This factor leads to mechanical adjustments in European prices. However, corn and wheat prices did not change much yesterday, especially on the front contracts. Operators remain vigilant in the face of price differences between origins and are already anticipating the spring period, when grains from the Black Sea will be more accessible once the winter logistical difficulties have lifted.
After a session marked by strong amplitudes in rapeseed on Euronext, the prices for the May 2026 contract closed below 490 € /t, at 487.50 € / t. The contracts for the 2026 harvest, on the other hand, increased by approximately + 2 € / t, without however managing to test the resistance zone of 470 € / t. The rains and the cold observed in several areas of Europe and the Black Sea raise some concerns about the state of the crops, without it being yet possible to assess precisely the potential damage.
American market
Soybean prices are now taking a step back, despite Indonesia's commitment announcements for larger volumes of purchases of US agricultural products under new trade agreements. Soybean prices are trying to stabilize near recent highs, pending a possible revival of import activity from China this season. The May 2026 contract is trading at $11.50/bu. At the same time, soybean oil prices continue to rise, recording new contract highs. The May 2026 contract is now back above c$ 59/lb, still supported by the dynamics of biofuels in the United States and by the prospects for an announcement by the EPA regarding the incorporation volumes for the year 2026.
Corn is also trying to stabilize after the previous day's decline. Showing a timid rebound in Chicago, the May 2026 contract oscillates in a range of 4.35/4.38 $/bu, close to the low points of last week. In the new harvest, in the wake of the rebound movement observed for almost a month, the December 2026 contract still manages to stay above $4.60/bu. The first feedback on the sowing intentions of US farmers indeed forecast a moderate decline in corn acreage next spring.
In wheat, the session was more animated. Prices rose, recording a technical rebound after the previous day's decline. The May 2026 contract closed above $5.50/bu, returning close to the recent highest levels last week, in the hope of a larger volume of business to Indonesia. The recent diplomatic exchanges between Russia and Ukraine have so far shown no significant progress, not allowing to foresee a rapid evolution of the situation.
Black Sea market
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