European market
After a last week marked by a downward correction, prices managed to rebound at the beginning of the week. The grains are up on both sides of the Atlantic in a context both driven by climate uncertainty and by the geopolitical and macroeconomic situation. Wheat, corn and rapeseed all closed higher yesterday on Euronext, following firming Chicago market.
Donald Trump having rejected the Iranian proposal last weekend, the Strait of Hormuz remains blocked and crude oil prices are regaining firmness in anticipation of the next rebound. The WTI barrel returns to the gates of $ 100 in New York while the Brent barrel has risen to more than $ 105 in London.
In this context, the strong resistance of 1.1800 has held firm on the euro/dollar which is now falling back to 1.1750.
This situation strengthens the funds' interest for all raw materials, including agricultural products. The agriculture market also accumulates the climate risk during this key period in the northern hemisphere. While the water deficit persists on the Great American Plains, Europe is benefiting from the notable return of rains. But the crops are also under the threat of cold weather with local frosts this morning as far north and north-east of France as Germany.
The day will be animated by the publication at 18:30, Paris time, of the USDA's WASDE report for this month of May 2026. This will be the first USDA report for the 2026/27 campaign.
American market
The week got off to a firm start yesterday in Chicago. Renewed concerns surrounding the Strait of Hormuz are fuelling higher oil prices and most commodities, including grains. The soybean complex is also buoyed by Donald Trump’s visit to China this week. The CFTC’s publication on Friday evening showing a record long position held by funds across all grains and oilseeds reflects the current momentum.
Ahead of the USDA’s WASDE report due this Tuesday evening, which will update the US 2026/2027 balance sheets presented at the Outlook Forum last February, operators paid close attention to the Crop Progress report released last night.
The weather concerns that pushed wheat prices higher yesterday in Chicago were echoed by the sharp drop in the winter wheat crop rating, down -3 points on the week to just 28 % rated “good to excellent”.
By contrast, corn and soybean planting is reassuring as progress continues to run ahead of normal. Corn planting advanced by +19 points last week to reach 57 % completion as of May 10, i.e. 5 points ahead of the five-year average. Soybean planting advanced by 16 points last week to 49 % completion, i.e. 13 points ahead of the average.
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.
