European market

Consolidation day yesterday on the European grain market. Still worried about the French debt, the euro/dollar falls to 1.1120 and intervenes in support of European grains. Wheat in particular needs it very much, with prices particularly tested by the selling pressure of funds exerted over the past week.
The rebound in wheat prices on Euronext is timid. It was limited on the front contract only, supported by the Tunisian return to purchases as well as a purchase made by Jordan.
In the Black Sea, the situation remains confused. A local humanitarian ceasefire was announced yesterday at the initiative of Melania Trump. Russian President Putin continues his exchanges with many leaders. The Russian Foreign Minister, Lavrov, blows the hot and especially the cold in his daily statements. And meanwhile, the strikes continue.
Attention remains focused on the evolution of the conflict and especially on the possible evolution of grain flows.
In corn, the support of €265/t, in place since the beginning of October on Euronext's March 2027 contract, is beginning to be questioned with a closing yesterday down by -1.50 € / t to 263.25 €/t, and this, in a context of very strong decline in wheat prices for the past week.
Rapeseed is supported by the euro/dollar and crude oil to preserve its support for € 550/t, regained the day before on the February 2027 contract of Euronext. Its progress is nevertheless slowed down under the influence of a soybean complex that is again declining in Chicago.

American market

Yesterday's session in Chicago ended once again with a decline in all products, from wheat to corn through the entire soybeans complex. The funds, which have strengthened their appetite for grain so much during the summer, continue to leave the market.
SRW wheat on the December 2026 contract is gradually approaching its low of $6/bu, seen on June 29. December 2026 corn passed under $4.50/bu, the lowest since July 2. Soybeans on the November 2026 contract are holding on around $12.30/bu, a low observed only since August 24.
The pressure of the autumn harvests in the United States remains present in the background. The fear of increased competition from Brazil after the strong fall of the real vs the US dollar constitutes an additional selling point. Finally, with regard to wheat, financial operators continue to anticipate a favourable outcome to the conflict in the Black Sea.

Black Sea market

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