European market

Crude oil is back again to the $100/barrel area on the WTI. After a short passage close to $ 95/barrel last week, Donald Trump's announcement, deeming "totally unacceptable" Iran's response to the US peace plan proposal, changed once again the situation. With new ships hit this weekend in the region, crude oil is regaining a risk premium, which could support grains again. For its part, the euro/dollar parity came up against the resistance of 1.18 to return around 1.1750.
However, during the last sessions, reassuring remarks about the future of events in the Middle East had put market fundamentals back on the front of the stage. In this context, wheat September Euronext contract was back to its support of 205 €/t. At the same time, saving rains were falling in France. This is still the case this week and CéréObs judges that 80% of the wheat is in a good to excellent condition. The recent rainfall is likely to stop the decline in potential that began at the end of April. This same organization announces that 86% of the corn areas are planted.
In rapeseed, the strong decrease of last mid-week was coming to an end, while the vetegable oils remain a source of support. Palm oil managed to bounce back on its support, while soybean oil remains particularly well oriented.
On the international scene, the visit of the French head of state to the African continent is closely followed by the grain market. This is all the more scrutinized as France announces that it wants to warm up its diplomatic relations with Algeria, which translates into the upcoming return of the French ambassador to the country.
The last session took place in a special context, when many operators were absent because of the celebrations of 8 May in France.

Black Sea market

Click here to request full access to the AgriMarkets report to find out more about the Black Sea region, and follow price trends in Russia on a daily basis.