European market

Another decrease of the euro/dollar up to 1.1172 during the Euronext session came to support European prices, stopping the sharp decline of the previous day. The situation remains nevertheless uncertain on grains. Wheat failed to maintain its gains of the day and closes at equilibrium on the December 2026 contract, while corn, which had held up quite well the day before, conceded 2 to 3 €/t of decline depending on the contracts.
Corn therefore remains divided between a historically low French supply and a massive rationing of demand. The wheat market is divided, on the one hand between the prolonged blocking of Russian and Ukrainian ports in the Black Sea, and on the other hand, by an increase in the power of so-called alternative export routes. The increasing output of Russian wheat for export via the Baltic Sea has been at the heart of attention in recent days, with yesterday a proposal from Lithuania, which wants the European Union to prohibit the transit of Russian grain via its ports.
The rapeseed was up yesterday in the wake of the firming crude oil and palm oil. WTI is back above $ 90 a barrel in New York amid renewed tensions between the United States and Iran. Palm oil, on the other hand, is benefiting from a renewed demand from India.

American market

Wait-and-see prevails on the Chicago market before the USDA's October WASDE report, to be published this Friday at 6pm Paris time. The operators will be primarily focused on the new performance estimates in the United States. A slight decrease is anticipated for corn, estimated at 178.5 bu/acre last month by the USDA, while in soybeans, the consensus expects the yield forecasts to remain around 52.8 bu/acre.
The favorable climatic conditions on the Corn Belt allow the American autumn harvest to catch up with the rains in September. This is how the harvest pressure took over yesterday, with a decline in prices observed in corn and soybeans. We must add to this the weekly American sales considered disappointing on these two products.
Despite a recovery in weekly export sales, the wheat market also saw its prices fall yesterday in Chicago under the influence of other products and the rise of the dollar.
The USDA published yesterday the following weekly export sales figures :

Wheat: 451,600 t
 Corn: 769,500 t
 Soybeans: 549,400 t.

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.