European market
The commodity markets remain hesitantin the context of current events and announcements relating to the evolution of flows. The crude oil market marks a new easing in the perspective of an improvement in the situation in the Strait of Hormuz between Iran and Oman. Crude oil prices, both for Brent and for WTI, erase the rebound of the previous week and test their technical support areas again.
For its part, the situation in the Black Sea, in Russia and Ukraine, is not changing, the announcements on both sides confirm a blocked and complex situation for the flow of agricultural productions at the beginning of the campaign. Despite everything, wheat prices in Romania and Bulgaria, which had risen sharply recently, are now taking a step back, seeking to adjust relative to wheat prices in the port areas of Western Europe.
Prices on Euronext, for the harvest 2026-27, showed a slight decline on the distant contracts in wheat. This situation also led corn prices to show a slight decline, after the recent highs. On the other hand, rapeseed prices showed a strong rebound, erasing the decline of the previous day. The November rapeseed contract, after the test of a technical support area, returns to above 530 €/t.
American market
Tuesday's session was marked by a strong amplitude of variation in wheat prices in a context still hesitant in the face of the situation in the Black Sea. Indeed, operators remain vigilant for the slightest sign of appeasement between Russia and Ukraine regarding port export activity, while both countries have significant volumes to export at the beginning of the campaign and the accumulated delay in shipments continues to increase. SRW wheat prices in Chicago have also fallen back below $6.70/bu during the session, close to the lows recorded last week, after the announcement of the visit of a US representative to Russia. In the end, on this contract, prices closed slightly up compared to the previous day and are returning this morning to trade close to recent highs.
Corn prices, driven by the new deterioration in the crops condition and the prospect of a decrease in yields following the countings carried out last week, register a new progression, closing the session on a new high both in old and in new harvest. The September 2026 contract goes back for the first time above $5.00/bu. In the new crop, the December 2026 contract follows the same dynamic and is trading this morning above $5.25/bu, marking new contract highs. The funds are still active in purchasing, but will remain attentive to the evolution of the areas sown in Argentina, which should remain important for the coming harvest.
After the sharp decline observed the day before on the soybean oil market, prices have stabilized on the entire soybean complex. Soybean oil prices are maintained at around 67¢/lb for the December 2026 contract. The prices of the seed, which had also experienced a strong decline, showed a technical rebound yesterday, erasing much of the decline of the previous day. New exceptional export sales were once again reported by the USDA yesterday, for a volume of 132,000 t for the 2026-27 season, without specifying the destination.
Black Sea market
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