European market

It was in relative calm that the grain market ended its week on Friday. Tested by the very strong fall in prices on Wednesday, wheat in particular is struggling to find any new momentum. It stagnates in a narrow range. The low point of Wednesday at €232.50/ t on the December 2026 contract constitutes the main support of the moment while the level of €235/t is the first resistance.
The strikes between Ukraine and Russia continue. Navigation in the Black Sea is becoming even more complicated with concerns as it approaches Bulgarian and Romanian waters. However, the market remains sensitive to the latest discussions in favour of hypothetical peace negotiations.
Corn meanwhile stabilized on Friday as it approached its major support for the month of October at €264/t on the March 2027 contract. This market remains divided between a very sharp reduction in supply and a contraction in demand.
Rapeseed, like other oilseeds, was able to benefit on Friday from a very strong crude oil price. The multiplication of attacks by the Houthi rebels against Saudi Arabia has indeed propelled crude oil prices up by more than 3% on Friday to exceed $100 in New York. However, the prices on the February 2027 Euronext contract closed on Friday on the area of 550-553 €/t which, after having been the major support of the first half of October, is now becoming a strong resistance.

American market

The selling pressure of funds remains topical on grains in Chicago. US wheat prices remain penalized by the poor export performance of this origin since the end of the summer. Corn, meanwhile, is suffering from harvest pressure and the  latest changes in the latest USDA reports. However, some progress is welcomed on the export front, such as an exceptional sale of 116,000 t to an unknown destination, published on Friday by the USDA.
The soybean market, meanwhile, stood out with an upward close on Friday. Unlike grains, US soybeans benefit from good export dynamics. In addition, like other oilseeds, the soybean complex has benefited from a very strong crude oil price due to renewed tensions in the Middle East. Moreover, with the end of the soybean harvest very close in the United States, the harvest pressure is easing on this product.
Nevertheless, the downward pressure is back in electronic exchanges this Monday morning on the soybean complex in Chicago in connection with the surprise re-election of President Lula in Brazil. The resulting sharp fall in the Brazilian real strengthens the export competitiveness of the world's 1st soybean exporter.

Black Sea market

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