European market

Since the FED's Wednesday evening "hawkish" speach, the downward pressure remains in place on the euro/ dollar. His attempt to rebound above 1.04 remained unsuccessful. The parity at 1.0360 this Friday morning is a strong support for the EU grain market. Nevertheless, this remains to be put into perspective with an index dollar that continues its upward surge and weighs on all commodities.
After almost 3 weeks of increase, the funds' profit-taking took place yesterday on the Euronext wheat contract. In addition to the increase in the forecast stock of wheat in France posted on Wednesday by FranceAgriMer amid sluggish third-country exports, the market is reacting above all to the sharp decline observed on wheat in Chicago. Euronext corn is falling after wheat.
The rapeseed marked a technical rebound after a strong fall on the previous 2 sessions. However, it should be noted that palm oil was able to preserve its current support level yesterday following the announcement by the Indonesian government of an implementation of biodiesel incorporation up to 40% from January 1, 2025, while local operators were asking for a gradual implementation over time.
Regarding navigation on the Moselle, the temporary lock set up since last weekend allows the 74 boats trapped upstream to be taken out one after the other. Once this operation is over, the repair work will block this important axis of exports of French grains and oilseeds. It remains to be seen for how long?
On the international scene, wheat tenders remain worth watching. Tunisia yesterday bought 100,000 t of soft wheat and 100,000 t of durum wheat.

American market

The break the day before of the major support of $ 5.45 /bu on the March 2025 contract of the SRW wheat in Chicago caused a strong downward acceleration yesterday to the new contract low. The closest contract is also heading towards its lows of last summer and its lowest level since the summer of 2020. The funds are once again increasing their short positions for this market.
On the other hand, funds were back to purchases yesterday on corn and soybeans after the strong sales of previous sessions. The prices of these 2 products are showing a technical rebound.
The USA published yesterday the following weekly export sales in the United States for 2024-25:
Wheat: 458 000 t
Corn: 1.175mn t
Soybeans: 1.424mn t.
In addition, the USDA announced yesterday exceptional sales of US soybeans for unknown destinations for 152,200 t in 2024-25 and 75,000 t in 2025-26.

Black Sea market

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