European market

Corn prices recorded a new increase yesterday, bringing the November 2026 contract on Euronext above the level of €260/t and closing the session on a new contract's high. This movement was supported above all by the firmness of prices in the United States, in a European context where the decline in production is now being recorded. The latest figures from the IGC, published yesterday, confirm this situation by revising downwards their estimate of world corn production compared to that of last month. New downward revisions have also been observed in the IGC estimates for wheat, in particular due to production adjustments in Europe linked to the impact of the strong summer heat.
The logistical situation departing from the Russian and Ukrainian Black Sea ports shows little signs of improvement to date. This situation leads wheat prices in other exporting countries, in particular in the Romanian and Bulgarian port areas, to appreciate in the perspective of a possible repositioning of demand. Wheat prices on Euronext also rose yesterday, especially on long-term contracts, which rose again above €240/t, despite the recent rise of the euro against the dollar, now close to 1.1700.
The firmness of crude oil prices as well as that of soybeans in the United States did not support rapeseed prices yesterday, which suffered from the decline in rapeseed oil prices in Europe and less tension on Canadian canola. The November 2026 contract showed a decline at the end of the day, closing below the level of €545/t on Euronext, erasing in a single session the upward movement observed since the beginning of the week.

American market

Still buoyed by the disappointment of yield estimates, corn prices in Chicago marked a new rebound. The December 2026 contract is pushed back above $5/bu, returning to trade at its highest level since last May. The finalization of the Pro Farmer Crop Tour 2026 in the states of Minnesota and Iowa confirms the expected decrease in yield compared to last year in corn. However, the results of the counts in these two states remain above the average of the last three years.
In soybeans, despite more reassuring figures regarding the density of pods in the states of Minnesota and Iowa compared to the other areas visited, operators remain vigilant about the overall yield potential. Soybean prices also briefly exceeded $12.40/bu in yesterday's session before falling back afterwards. The prices of soybeans in new harvest, although having risen strongly since the beginning of the week, have not managed to recover the highest levels observed last July. The new exceptional sales announced yesterday by the USDA, covering a volume of 150,000 t without specifying the destination, however, provide an element of support. In soybean meal, prices are easing slightly after the recent rebound, while soybean oil is firming up.
The uncertainty related to the situation in the Black Sea and, to a lesser extent, the decline of the dollar against many currencies supported wheat prices in the United States, which showed an increase yesterday. The December 2026 contract is pushed back above $7/bu in session before finally closing at this level at the end of the day. The latest weekly export sales figures, incorporating the volumes of the last week preceding the price increase movement, have proved satisfactory, approaching 400,000 t. However, operators are now waiting to measure the impact of the recent price increase on demand over the coming weeks.

Black Sea market

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