European market
The rebound movement observed in the euro/dollar exchange rate is, unsurprisingly, leading to an adjustment in grain prices. Since the beginning of the week, the euro has been fluctuating between 1.1550 and 1.1590, approaching a key technical resistance level to watch in the short term.
In this context, wheat prices are undergoing a downward adjustment, both on the physical market and on the futures market. On Euronext, the December 2025 contract has dropped back below the 190 €/t mark for the first time this month. This pullback is also weighing on the following contracts. Despite reduced activity yesterday due to the November 11th public holiday, a few transactions were recorded on the options market, both for wheat and corn.
In oilseeds, rapeseed and sunflower prices are stabilizing after the recent upward movement of the past few weeks. The latest figures from the European Commission currently highlight a slowdown in seed imports, both soybeans and rapeseed, compared to the previous season.
American market
All prices rose yesterday in Chicago, both for grains and oilseeds. The announced end of the U.S. government shutdown will allow activity to resume, paced by official USDA publications, starting this weekend with the release of its monthly balance sheet forecast report.
In the meantime, market participants are monitoring the completion of winter wheat sowing in the U.S. The cold wave linked to the polar vortex affecting East Coast states is not impacting fieldwork or crop conditions in these areas, which are not major producers of soft wheat. Prices have nonetheless been rising since the beginning of the week, with the December 2025 contract climbing back above 5.35 $/bu.
Corn prices are also continuing the recent rebound that began earlier this week, as harvests near completion. The December 2025 contract is once again trading above 4.30 $/bu. Many questions remain, particularly regarding a possible revision of production estimates by the USDA, following disappointing results in several growing regions where yields ultimately fell short of expectations.
While awaiting a potentially significant flow of transactions with China before year-end, soybean prices remain firm. On the nearby November 2025 contract, prices have moved back above 11 $/bu, close to recent highs. Soybean oil prices are also rising, approaching last month’s highs, though still far from summer levels.
Black Sea market
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