European market
The euro/dollar returned to its lowest level since May 2025 by falling to 1.1215 yesterday. The European currency has just lost 3.8% against the dollar over the last three weeks. Already penalized by the Fed's rate hike in September, the euro is also crumbling under the effect of the debt crisis that threatens France and a 10-year OAT rate that is close to 5%.
Add to this context a rebound in crude oil to over $92/barrel in New York, after the United States considered strengthening its military presence in the Middle East.
This context, associated with the lack of progress in the negotiations in favour of the reopening of maritime flows in the Black Sea, came to provide support yesterday to European countries.
In addition to the recent gains in competitiveness of French wheat for export, the Euronext wheat contract found an additional reason for rebound yesterday with the return of Saudi Arabia to purchases.
The GFSA is indeed holding a call for tenders with results expected today for the purchase of 535,000 t of soft wheat over November and December. This signal of return of international demand is welcomed by the market, especially after the disappointment of last September 7, when the previous massive tender from Saudi Arabia had been canceled.
In durum wheat, in a context of delayed harvest in Canada, Tunisia is holding a call for tenders today for 100,000 t of imports.
If corn followed Euronext wheat in its rebound, the situation remained more mixed yesterday on rapeseed, in a context of falling prices observed on palm oil, canola and soybeans.
American market
The US market was digesting yesterday the sharp increase in carry-over stocks of US 2025-26 corn displayed the day before in the USDA report. However, the volumes liquidated by the funds were such on Wednesday that the latter remained fairly neutral yesterday. The return of corn prices in December 2026 below $ 5 /bushel, at their lowest level for a month and a half, stimulated some purchases. However, the market is struggling to show a real rebound in a context that is still penalizing exports for the American origin.
The rebound in wheat was a little more marked, with the backdrop of Saudi Arabia's return to purchases for 535,000 t. But here too, the scale of the rebound remains modest in view of the US export sales figures for the week, once again considered disappointing.
In soybeans, prices remain struggling in a context marked by the arrival of a record harvest in the United States and by the anticipation of a slowdown in American crushing. Indeed, after the market closed, the USDA published a soybean crushing figure in the United States for the month of August 2026 of 209.6mn bu, less than expected by consensus.
The weekly US export figures released yesterday by the USDA are as follows :
* Wheat: 289,300 t
* Corn: 536,000 t
* Soybeans: 1.034mn t.
Black Sea market
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