European market

Despite the firmness of the euro/dollar, which ventured above 1.1750 yesterday, wheat and rapeseed prices managed to rebound yesterday on Euronext new-crop maturities after a late last week marked by profit-taking. Doubt and confusion persist around the conflict in the Middle East despite the truce in place. Peace talks between the United States and Iran are stalling, while shipments through the Strait of Hormuz remain limited. As a result, the WTI crude oil barrel moved back above 97 $ on the Jun 26 maturity, while the Brent barrel is approaching 103 $ over the same period. This environment is once again providing support to agricultural commodities.

That said, the market’s favourite topic in grains, which returns every year with spring, should not be overlooked, namely weather considerations. After a dry spell that has been dragging on for a little too long, the announced return of rain in both Western Europe and the US Great Plains will be scrutinised millimetre by millimetre by operators.

International wheat trade is also in focus, with confirmation yesterday of a purchase approaching 1 mn t by Saudi Arabia over the June–August 2026 period, which is supporting Black Sea wheat prices for 12.5 % protein quality.

The corn market in France and across Europe remains relatively firm at the end of the season, with price levels well above those of wheat and those observed among the main corn exporters. During this period of corn and sunflower sowing and fertiliser application, the Argus Media France team invites you to respond to its survey in order to measure the upheavals linked to the current fertiliser market situation on your farms and cropping plans.

American market

At a time when the spring weather market is in full swing in the United States, the publication of the USDA’s Crop Progress report every Monday is the weekly rendezvous not to be missed. The two questions that kept the US market firm yesterday revolve around rainfall: will the announced return of rain be sufficient to maintain or improve the very degraded condition of winter wheat? And will the announced return of rain not delay corn and soybean planting too much across the Corn Belt?

In winter wheat, the weekly crop rating was left unchanged by the USDA at a very low level of 30 % rated “good to excellent”. This is the third weakest crop condition at this point in the season over the past decade.

In corn and soybeans, planting is so far well ahead of schedule. US farmers made good progress last week ahead of the rains. Corn planting reached 25 % as of April 26, up 14 points on the week and compared with a 19 % five-year average at this date. US soybean planting stands at 23 %, up 11 points on the week and versus a 12 % five-year average.

Black Sea market

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