European market

The first session of the week was marked by a sharp decline in the crude oil market, where a sharp price correction was observed yesterday after new announcements by the US president concerning in particular the postponement of his ultimatum to Iran regarding the Strait of Hormuz, an ultimatum that had been given over the weekend. The announcement of talks, which would have started between the two countries, followed quickly by a denial from the Iranian authorities, has again brought uncertainty to the current situation in the Middle East.
Prices on Euronext have experienced a strong variation, both on grain contracts and in oilseeds. Prices are very sensitive to adjustments in the euro/dollar parity, which, depending on crude oil movements and its impact on inflation, also marks strong variations during the day, pushing for mechanical price adjustments.
The spring period favours the progress of work in the fields and the progress of sowing in many production areas in Europe and around the Black Sea basin. Regarding the winter crops in place, the European MARS program reports, to date, on a lower yield potential compared to last year for winter wheat, rapeseed and winter barley crops. However, the situation remains to be followed in this period of early spring when the vegetation is starting again.

American market

In the wake of crude oil, wheat and corn prices in Chicago showed a strong downward movement. In terms of wheat crops, the prospect of rain arriving on the plains has also offered an element of retreat, in a context where the state of crops has recently deteriorated. The May 2026 wheat contract was back below $5.90/bu at the close. The ratings of winter wheat crops in Kansas are reported by the USDA now at 46% in a "good to excellent" condition, a decrease of 6 points compared to the previous week. In Texas, the situation still remains to be followed in winter wheat with 16% of the areas judged in a "good to excellent" condition.
In a session marked by a strong amplitude of variation, the USDA reported new exceptional sales of corn for 102,000 t to Mexico, an element that stopped the downward movement without however managing to revitalize prices. The May 2026 corn contract closed below $4.60/bu.
In oilseeds, prices fluctuated less, with a decrease in soybean oil and an increase in seed and meal. New exceptional sales of soybeans, for more than 161,000 t, were announced yesterday. Operators are still waiting for the EPA's communication on biofuels mandates, a communication announced by the end of the month in a context of firm crude oil prices.

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.