European market

For the second consecutive session, wheat prices on Euronext but also in the port area showed an increase, closing above €234/t on the March 2025 contract. The rebound is causing prices to gradually approach the highs observed last week. The activity reported on the Euronext wheat contract exceeded 115,000 lots yesterday at the end of the day, with more than half of the transactions concentrated on the March 2025 contract.
The increase in grain prices in Chicago and the increase in prices in the Black Sea area bring an element of firmness in the short term, in a context when the export demand is back. The last tender from Tunisia, for example, was finalized with the purchase of 100,000 t of soft wheat and a similar amount of durum wheat. Western European operators remain attentive to this return of demand in the hope of benefiting from a stream of business in this second part of the campaign. Wheat prices have also increased for the new harvest. The conditions of the winter crops are obviously followed by the market participants with the greatest interest due to the rains which affect many production areas in France.
The rapeseed market also showed a large amplitude of variation as the closing of the February contract approaches on Euronext. The prices of the May 2025 contract also marked a new low, but closed the session slightly up. Rapeseed prices have evolved downward on their own since the beginning of the week despite the absence of the Malaysian market, closed due to the New Year holidays, and the stabilization of canola seed prices in Canada.

American market

The March 2025 corn contract marked a new high yesterday, for 8 months, returning above $4.95/bu. This upward movement was also observed on the following contracts on Chicago. The conditions in Argentina, which are still dry, are pushing funds to position themselves for purchases. Conversely, the wet conditions in Brazil imply delays in soybean harvests with the consequence of reviving concerns about the prospects for future corn sowing.
In parallel with this increase in corn prices, wheat prices in Chicago have also rebounded. The front March 2025 contract closed above $5.60/bu, returning to its highest level since mid-December. The cold conditions on the American plains currently and the slowdown in exports from Russia in this second half of the campaign have led to some funds' buying-back.
Despite the absence of Chinese players due to the New Year holidays, soybean prices rose yesterday. The dry conditions in Argentina and a slow advance in the harvests in Brazil are supporting the prices, offsetting the last three sessions of decline. The numerous questions about the implementation of import taxes by the new US president, up to 25% for Canadian and Mexican goods, also remain a vector of price volatility.

Black Sea market

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