European market

At this time of year, in line with the seasonal trend, activity on the physical market remains extremely limited. The participants present remain cautious regarding currency movements and the firmness of the euro against the dollar, with the exchange rate still above 1.1750 at year-end. Transactions are therefore weak, and activity is mainly focused on fulfilling previously committed delivery contracts, reflecting low liquidity due to the absence of many operators.

On the futures market, traded volumes on Euronext remain significant. The wheat contract recorded 50,692 lots traded yesterday, nearly two-thirds of which were negotiated on the nearby March 2026 expiry. There is also activity on the 2026 and 2027 crops. The December 2027 expiry traded at 210 €/t, about ten euros above the December 2026 contract, which was around 200 €/t at the start of the session. Prices for the 2025 crop ended the day slightly higher, supported by pessimistic announcements regarding ongoing discussions on the Russia-Ukraine conflict.

For corn, traded volumes were limited to 1,788 lots on Euronext, concentrated on the March 2026 expiry. This contract is trading below the 190 €/t threshold. As a result, the price spread between wheat and corn on Euronext widened slightly after a long period of near parity.

Rapeseed prices rose yesterday, ending a series of bearish sessions. Trading on Euronext involved 22,342 lots, with notable activity on the May 2026 contract. The recent price decline, hitting the lowest level in many months, and the approach of a technical support zone acted as a supportive factor.

Despite strong activity on futures contracts, options contracts remain thinly traded. Only a few transactions on wheat options were reported, with volumes well below the usual average.

American market

Upon the reopening of the Chicago market after the extended Christmas holiday weekend, prices posted a sharp decline.

Soybean prices erased in a single session the rebound observed the previous week. The January 2026 contract, which will soon expire, fell back below the 10.50 $/bu threshold. The next contract, March 2026, also recorded a similar drop, losing -9 cents on the day. The announcement of an exceptional sale of 100,000 t of soybeans to Egypt, reported by the USDA for the current marketing year, did not provide significant support. Operators are adjusting their oilseed portfolios at year-end and remain highly attentive to ongoing Chinese military exercises near Taiwan’s coasts.

The evolution of talks between Russia and Ukraine is also influencing grain prices in Chicago. Corn and wheat prices retreated before stabilizing above key technical support levels. Despite recent discussions between the Ukrainian president and his U.S. counterpart, no real signs of easing have been observed so far. This factor has therefore limited the downward movement in prices.
The March 2026 corn contract fell back below 4.40 $/bu, erasing the rebound of the past five sessions. For wheat, the decline is less pronounced but still confirms a return below 5.15 $/bu for the March 2026 contract, close to the year’s lows.

At this time of year, loading activity and physical market transactions are unsurprisingly reduced.

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.