European market

As the Middle East crisis enters its 9th week, the situation shows little sign of improvement. President Trump has warned the American people to prepare for a prolonged conflict until the Iranian nuclear programme is eliminated, while the peace negotiations scheduled over the weekend in Pakistan did not take place, with no new date having been set.

In this context, and as the Strait of Hormuz remains largely blocked to international trade, firmness continues to prevail on the oil market, with this Monday morning a WTI Jun 26 at 95.3 $/barrel versus 88 $/b one week ago and a Brent Jun 26 at 106.52 $/barrel versus 96 $/b one week ago.

For its part, the euro/dollar rebounded on Friday and now stands at 1.1725 after three sessions of sharp declines to a low of 1.1669 on Thursday. This 0.5 % increase weighed on wheat and rapeseed prices on Euronext on Friday, in a context of end-of-week profit-taking.

Only corn stood out, with a strong higher close of +8.25 €/t at 217.50 €/t on Jun 26 and +2.25 €/t at 212.50 €/t on Aug 26, in a context of a tightening end of the season in Europe but also a tense period for sowings of the 2026 crop given the technical and economic difficulties faced by producers.

Against this backdrop, 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, with the aim of supporting you even more effectively. To respond, CLICK HERE

From a weather perspective, the past two to three weeks have been particularly dry across France, which is starting to fuel discussions. A return of rainfall is beginning to take shape in weather models for the end of the week and next week.

In its Céréobs report published on Friday, FranceAgriMer reported the following crop conditions for France as of 20 April:

Soft wheat: 83 % rated “good to excellent”, down -1 point on the week and versus 74 % last year at the same date.
Winter barley: unchanged at 81 % rated “good to excellent” and versus 70 % last year at the same date.
Durum wheat: unchanged at 81 % rated “good to excellent” and versus 76 % last year at the same date.
Spring barley: 92 % rated “good to excellent”, down -1 point on the week and versus 84 % last year at the same date.
Corn sowings completed at 56 % versus 31 % the previous week and versus a 5-year average of 37 % at the same date.

On the international scene, Tunisia bought 25,000 t of feed barley on Friday, while the result of Saudi Arabia’s tender for 710,000 t of wheat for the June to October 2026 period is expected today.

American market

Prices closed mixed on Friday on the Chicago market, reflecting fairly hesitant fund activity. Corn stayed close to breakeven, while soybeans edged higher, supported by vegetable oils. Wheat moved lower, led by the HRW contract, due to end-of-week profit-taking as well as the long-awaited return of rain to the southern Plains.

Operators remain cautious, but several tens of millimeters are indeed expected over the next two weeks across the entire area. Only the most critical region between northern Texas, southern Kansas, the Oklahoma panhandle and southeastern Colorado would remain very lightly watered. Many nevertheless fear that the damage from recent weeks may be irreversible. In this context, the crop ratings published this Monday evening at 10:00 pm, Paris time, by the USDA will be watched very closely. Progress in corn and soybean planting as of Sunday evening will also be closely monitored, as the return of rain to the Corn Belt is expected to slow them over the next 10 days.

Black Sea market

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