European market

The stabilization of the euro/dollar parity of the last few days, stuck below 1.04, reduces the mechanical readjustments of prices. The uncertainties about the deployment of import taxes in the USA towards Canada and Mexico, which animated the markets strongly at the beginning of the week, are fading at least in the very short term.
After a strong decline the previous day, wheat prices on Euronext showed an increase, rebounding after the testing of many technical support areas. Still, the prices did not manage to erase the decline recorded the day before. The market is attentive in the old harvest to the evolution of export demand while in the new harvest the weather forecasts support prices to the rise with decreasing temperatures announced in the Black Sea. The September 2025 contract returns to its highest level since last October by closing last night at €235/t.
In parallel, oilseed prices were also rising yesterday with palm oil and Canadian canola up. The canola in Winnipeg on the front contract is back above $650CAD/t, i.e. a return to its highest level since mid-November. On Euronext, rapeseed is also recovering, returning during the day to test the level of €525/t.

American market

Wheat prices in Chicago showed an increase yesterday, driven by the funds' purchase, after the announced forecasts of a return of the cold weather on the Russian production areas from next week. The results of weekly export sales, amounting to 438,900 t of wheat, did not bring any particular firmness, due to a volume in line with expectations.
The dynamics of export demand for corn, on the other hand, was confirmed by the weekly sales figures relayed by the USDA yesterday. The ongoing negotiations between the United States and in particular Mexico, which began this week, reassure in the face of fears of an escalation on the introduction of new import taxes. In harvest 2024-25, US sales amount, over the past week, to 1.47mnt. Corn prices on the March 2025 contract have seen a session of strong variation to close above $4.95/bu. The recent rains in Argentina are reassuring in some regions, nevertheless the rains have not benefited all the production areas where corn was suffering from dry weather.
After having marked a new high during the session the day before, the prices of the March 2025 contract for soybeans manage to stabilize in Chicago above $10.60/bu and this despite a weekly export sales figure considered disappointing because close to the low end of expectations. The progress of the Brazilian harvests also worth watching amid the delay observed in recent weeks due to rainy conditions.

Black Sea market

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