European market

The announcements made in New York, on the sidelines of the UN General Assembly, attract the attention of speakers due to the presence of the Ukrainian president and the Russian foreign minister, for which several exchanges with American representatives are scheduled. Several themes could be addressed, in particular energy issues as well as the evolution of the conflict. With no concrete element for the moment in the face of the situation of the flow of goods in the Black Sea, wheat prices did not change much yesterday both on the physical market and on the Euronext market.
On the other hand, corn prices on Euronext yesterday marked a sharp upward acceleration after crossing an important technical zone. The November 2026 contract is approaching its highest level processed at the beginning of the month, with a clearing price of € 276/t. Faced with this significant increase, the volumes traded, all contracts combined, did not exceed 7,000 lots, which still represents more than double the transactions observed during the previous two sessions. The yield results remain disappointing in France as the harvesting work progresses. Faced with the decline in production volumes observed in Europe, mainly in France, the use of imports is accelerating within the European Union. The latest data published by the European Commission, although still partially incomplete, highlight an acceleration in imports, cumulatively posted at 4.47 Mt since the beginning of the campaign, an increase of 27%. Given the price levels of European corn, buyers are looking to replace it either with other European cereals, or with imported corn, which has become more economically attractive, especially from North American and South American areas.
In the wake of the decline in crude oil prices, soybean oil as well as Canadian canola, rapeseed prices showed a downward movement. The November 2026 contract on Euronext erases part of the rebound observed the day before, while closing the session above the € 550/t level. Operators still remain very worried about the sowing still in progress and the uncertainties weighing on the futur areas of the 2027-28 harvest.

American market

The dollar continues to show an upward phase vis-à-vis many currencies, with now a level above 100 points for the Dollar Index. The latter regains its highest level since last July 30th. This element weighs somewhat on grain prices, which are recording, both for HRW wheat and for SRW wheat, a new decline, now coming to test important technical areas after a continuous decline observed since the beginning of the month. The meetings and announcements made on the sidelines of the UN General Assembly, which is currently being held, is followed very closely by the operators, in particular on two key topics impacting the raw materials market, namely the evolution of the Russian-Ukrainian conflict and that of the situation in the Persian Gulf. In both cases, the messages communicated currently show no tangible effect on the resumption of flows or on an easing of ongoing conflicts.
After the sharp rebound observed the day before, corn prices in Chicago yesterday marked a downward movement, partially erasing the increase recorded the day before. The return to the highest levels observed since the beginning of the month encourages some sellers, and in particular producers, to seek to secure some volumes at values that had not been reached since July 2023. The December 2026 contract falls below the $5.40/bu level. 
The forecast of increased production volumes announced yesterday by the Buenos Aires Stock Exchange also reassures the market, with corn production expected for the 2026-27 season at 66 Mt in Argentina, up compared to last year.
Soybean production in Argentina is also expected to increase for the next season. The Buenos Aires Stock Exchange expects a production of 53.6 Mt, an increase of +3.5 Mt compared to last year. In the United States, after the rebound observed the day before and the return to near the highs traded on the November 2026 contract, prices marked a slight decline compared to the previous session and this despite the attempt to cross the level of $ 13.30 /bu during the session. After the enthusiasm aroused by the confirmation of the meeting between the Chinese and American presidents, operators are now waiting for tangible elements confirming an acceleration of Chinese purchases as well as clarifications on the evolution of the level of import taxes. A further decline in soybean oil prices in Chicago was registered, while in parallel the prices of meals are progressing and approaching the highest levels on the December 2026 contract.

Black Sea market

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