European market
The month of January was marked by strong geopolitical and monetary turmoil globally. The raw materials sector is illustrated by a strong performance boost. Gold and silver are marking new records. Crude oil meanwhile reached yesterday a high for almost 6 months at $ 66.48 / barrel in New York in a context of extreme tension between the United States and Iran.
Agricultural products benefit only at the margin of this movement and remain penalized by ample global supply. The weather risk is nevertheless surging between excessive cold in North America and the Black Sea and excessive heat in Argentina.
Despite a still very high euro/dollar and sailing between 1.19 and 1.20, wheat and corn prices were able to close higher again last night on Euronext. Grain prices continue to evolve in a narrow range.
While the European Commission yesterday raised its estimate of wheat stocks as of June 30, 2026 in the EU by 1.7 Mt to 13 Mt, it lowered its estimate of barley stocks by 1.9 Mt to 4.2 Mt thanks to higher exports.
Rapeseed was volatile yesterday on Euronext by the last position closings on the February 2026 contract which closes this Friday, January 30th. This situation highlights a close tension on the delivery points. However, prices have eased slightly on other contracts, as have those for canola in Winnipeg or soybeans in Chicago in a context of weekend and monthly profit-taking.
American market
The commodities upmovement, in particular in metals and energies, coupled with the fall of the US dollar, continues to support grain prices in Chicago. A new increase was recorded at the close last night on wheat and corn.
Soybeans, meanwhile, marked a slight decline at the end of the session in a sensitive context with the arrival of a new record harvest in Brazil. However, the decline is limited in soybeans given the climatic uncertainty present in Argentina where the condition of the crops continues to deteriorate.
The USDA published yesterday its weekly sales figures in the United States:
Wheat: 558,000 t
Corn: 1.649 Mt
Soybeans 819,000 t.
Black Sea market
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