European market

Profit-taking day yesterday was registered for all products on Euronext as on Chicago. The return of prices to important resistance levels stimulated the return of sellers, making it possible to rebalance the forces present on the markets.
After having gained €11.5/t during the previous four sessions, Euronext wheat December 2026 contract, was down by €3.25/t yesterday to close at €244.50/t. The approach of €250/t constitutes a strong resistance zone. The euro/dollar, weakened to 1.1200 and the recent surge in international demand have been important supports for European wheat, but competition remains present on the international scene.
The balance of the French corn market is in a more difficult situation in the context of the fall in French corn production 2026-27. Although under the influence of the decline in wheat yesterday on Euronext, the decline in corn prices remained limited.
The rapeseed market is largely disrupted by the low water levels of the Rhine. Euronext's November 2026 contract, which is coming to an end on October 30th, alone testifies to the difficulties of the moment. With a fall of €16.75/t, to €506.25 /t at the close, it leads the following contracts in its downward wake.
Although still limited, the return of rains on France is nevertheless welcomed, both for the development of winter rapeseed and for the winter grains plantings.

American market

The approach of the publication of the October Wasde report by the USDA this Friday, October 9, encourages operators to be cautious on the US market. The rally of the previous day was met yesterday with a generalized movement of profit-taking. The approach of important technical resistance zones, whether it is the $7/bu in wheat, the $5/bu in corn or the $13/bu in soybeans, favours the return of sellers.
The market is also cautious before the publication, as every Thursday by the USDA, of the figures of weekly export sales from the United States. Those published last week had proved particularly disappointing in wheat and corn, raising the prospect of possible upward revisions to US stocks in the next reports.
On the ground, the yield returns remain mixed, with disappointments in corn, while the results in soybeans appear so far better than expected.

Black Sea market

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