European market
In a context of firm crude oil prices, linked to the evolution of the situation in the Persian Gulf and the new attacks on installations in Saudi Arabia, prices are rising markedly, pushing the American president to communicate on this topic. At the moment, his statements focus primarily on the energy situation in Ukraine and Russia, with explicit requests aimed at ending attacks on energy infrastructure in an international context that is already tense on these markets. These positions will be followed with the greatest interest as to their possible realization, knowing that the signs of de-escalation remain limited to date and especially in the grain export sector, where port activity remains severely disrupted.
In parallel, the prices of the euro against the dollar are easing again, evolving yesterday below the level of 1.16 and returning to their lowest for a month, around 1.1530. The prices of raw materials in Europe have finally changed little, despite an amplitude of strong daily variation.
On Euronext, in a context of sustained activity, the December 2026 contract compensated for the session at €240.50/t, down slightly compared to Friday, after a session marked by a high at €245/t and a low at €238/t. There is also strong activity on the wheat options market, with 17,547 lots traded yesterday, all contracts combined. In corn, prices are showing a slight decline approaching the technical point. Rapeseed prices, which also show significant variations during the session, closed the day slightly up, above €550/t.
American market
The wheat harvesting is close to the end, with 93% of the spring wheat now harvested. The eyes are now turning to the new campaign, as the sowing begins. The USDA reports that 8% of the areas have been planted, an increase of 6 points compared to the previous week. The operators remain, for the moment, mainly focused on the evolution of the situation in Ukraine and Russia. However, the statements of the American president, explicitly calling for an end to drone attacks on energy installations, suggest that, if such a measure is feasible and followed by concrete effects in this sector, it could also be considered in other areas including the export activity. The December 2026 SRW contract was down yesterday, testing $7.10/bu, its lowest level for 3 weeks.
In corn, prices have changed little, digesting the figures published by the USDA last Friday, with a modest revision of the yield potential in the United States for the 2026 harvest, now estimated at 178.5 bu /acre. The start of the corn harvests, with 8% of the areas now harvested according to the USDA, does not exert any significant pressure on prices for the moment. In Chicago, the December 2026 contract closed slightly higher, at $5.33/bu.
The sharp decline in soybean seed and oil prices observed at the end of last week gave way, yesterday to a stabilization phase, with prices rising slightly without compensating for the recent downward movement. The harvests are also starting in soybeans, with already 6% of the harvested areas according to the USDA. The crop ratings remain stable, with 58% of the areas judged to be in a "good to excellent" condition. In Chicago, soybean prices on the November 2026 contract returned, at the close, above $13/bu. However, the sharpest rebound was observed on soybean meal in Chicago, which recorded a new high during the session on the December 2026 contract.
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.
