European market

The operators remain focused on developments in the Middle East and on the movements of crude oil prices. As political announcements and information regarding traffic in the Strait of Hormuz progress, prices show strong fluctuations. Yesterday, both on Brent quality oil and on WTI, the amplitude of variation during the session was significant, even if it remained lower than that observed during the previous Monday's session.
As crude oil prices change, important movements are also observed on currencies. The euro/dollar parity rose yesterday after touching a new low at the beginning of the day, very close to 1.1410, to above 1.1520 and then returning this morning below 1.1480.
Faced with these movements in crude oil and currencies, and in parallel with the corrections observed yesterday on the US markets, prices on Euronext, as well as on the physical markets, experienced a decline. The most marked decrease was observed in rapeseed, where prices returned below €500/t. The decline in grains was also notable, with a decrease of around -3.00 to -3.50 €/t on front contracts, in wheat as in corn, compared to the end of last week.
In a context of high volatility, we are still observing sustained activity on the Euronext market on options contracts, both for the 2025 harvest and in the new campaign.

American market

Prices in Chicago marked a sharp decline yesterday, fueled by the downturn in crude oil prices and especially by the announcement of a possible postponement of the meeting between the US and Chinese leaders initially scheduled in March. The operators hoped to clarify the export targets of soybeans for this 2025/26 campaign after the meeting. The correction movement also comes after a sharp increase observed last week. This had reduced the attractiveness of US origins against South American competitors, in particular Brazil, which corrects the price differences observed at the same time.
The very good figures of the crushing activity, communicated yesterday by the NOPA, did not make it possible to contain the correction movement. Vegetable oil prices have also shown a decline. The May soybean oil contract closed below $64/lb. The prices of the meals also showed a decline, returning to test a support zone.
The decline in soybean prices has also pulled down grain prices in its wake, especially corn. The prices of the May contract mark a strong decrease by returning to trade below $4.55 /bu, approaching at the same time an important technical support area.
Wheat prices have shown a decline, a decline that is nevertheless less impressive than for the products mentioned above. The May contract on the SRW contract closed at the end of the day below the level of $6.00/bu. In terms of crops, the already degraded conditions are unlikely to improve much in the short term, due to the weather forecast announcing dry weather and rising temperatures this week.

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.