European market
Negotiations to find a peace agreement in Ukraine continue. In this context, and as has been the case every time since 2022, the funds support the sale on the wheat market. Nevertheless, wheat prices are declining above all in the face of the world ample supply. This topic is once again focusing the attention of operators as the harvests of the Southern hemisphere are gradually arriving.
Buyers remain active, like Saudi Arabia which bought 300,000 t of wheat yesterday. However, the prices on this tender are considered very low by traders who see it as a sign of additional international competition at the end of the year.
In this context the Euronext March 2026 wheat is back to the contract's lows of October 16 at € 189.75 /t. For the moment the support of € 190 / t holds.
Corn, which benefits in Europe from delayed imports from Ukraine, is declining out of sympathy with wheat.
Rapeseed recovered yesterday and preserves the support of 480 €/t for February 2026 contract thanks to a rebound observed on the vegetable oil market.
American market
Wheat, corn and soybean prices were down yesterday on Chicago market. Wheat is affected by the downward pressure of harvests in the Southern hemisphere. Corn must absorb the post-harvest selling pressure of US farmers, while soybeans are the subject of endless discussions around Chinese purchases.
In this context, however, the decline remains limited on soybeans and many operators still remain optimistic. Donald Trump announced in particular that he had discussed again yesterday with his Chinese counterpart Xi Jinping, among others, on the subject of US agricultural products.
The US soybean harvest is now complete while the USDA shows a 96% achievement for the US corn harvest in 2025, compared to 91% last week and 97% on a five-year average to date.
The last rains that have fallen on the Great Plains have allowed the condition of the US winter wheat to improve. The USDA crop rating published last night indicates 48% of winter wheat in a "good to excellent" condition compared to 45% last week. The situation nevertheless remains under watchingbecause it is less favorable than the 55% of "good to excellent" last year.
Black Sea market
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