European market

Volatility remains high on the commodity markets, and even more so on the agricultural sector. In the wake of the energies, the prices of wheat, corn and rapeseed are displaying stronger daily variation amplitudes than usual. The fundamentals take a back seat, like showed by the USDA report published earlier this week, which did not really change the balances.
The same applies to the publication of FranceAgriMer, which finally raises its production by almost 200,000 t to reach 30.40 Mt, a level more in line with the market operators. At the same time, exports to the non-EU countries are reduced by 100,000 t to 7.1 Mt, against 7.2 Mt according to Argus. Consequently, the French stock is logically raised by 300,000 t, to 3.39 Mt.
Rapeseed once again had a lively session, but it was supported by the rise in soybean oil. The latter continues to impress the operators and brings in its wake all the vegetable oils.
Geopolitical news has prompted financial operators to return to purchases on Euronext. Over the past week, they have bought nearly 38,000 lots, strengthening their net buyer position at the beginning of the month, a situation unprecedented since 2024. The funds have also acquired 5,100 rapeseed contracts and 4,200 corn lots.
This Thursday morning is marked by a new significant increase in crude oil prices, with WTI up 7%, following attacks on ships in the Strait of Hormuz. Although the IEA has released 400 million barrels to try to contain the rise in crude oil, geopolitical events have taken over. At the same time, the euro/dollar parity falls back below 1.16 to trade around 1.1531.

Black Sea market

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