European market
Geopolitical tensions remain high in the Middle East as around the Black Sea this midweek. The ongoing strikes are worrying the trade in raw materials, whether agricultural or energy.
However, crude oil has been stumbling against the resistance of $95/barrel in New York since yesterday. Oilseeds are also at a high point, like rapeseed, which again fails to cross €560/t at the close of Euronext's February 2027 contract.
Wheat and corn, on the other hand, continue their progress. Moreover, corn is firming since the beginning of the week in a context of management of the lack of harvest in France. The November 2026 Euronext corn contract closes for the first time above €300/t, with a gain of €14/t in closing. The gap continues to widen with the following contracts, which nevertheless progress by 11 to 11.50 €/t.
In wheat, the price increase is easing from front contract to far contracts on Euronext, a sign of the current movement of renewed physical demand in the port area.
FranceAgriMer published yesterday its new provisional balance sheets for the 2026-27 campaign in France, with the following end-of-campaign stocks :
Soft wheat: 2,714 Mt against 3,007 Mt last month and 2,619 Mt in 2025-26
Barley: 1,507 Mt against 1,584 Mt last month and 1,259 Mt in 2025-26
Corn: 1,131 Mt against 1,465 Mt last month and 1,971 Mt in 2025-26.
American market
The consolidation continues on the Chicago market this midweek, with prices moving in scattered order.
SRW wheat manages to be up in a context of slightly delayed autumn sowing in the United States, with 51% completion compared to 58% on average to date. US wheat, although counterperforming for export in recent months, finds support in the return of international demand and the accompanying rise in European prices.
Corn was clearly more mixed yesterday. It remains weakened by the heaviness of the latest USDA reports. The slight delay in the harvest and the return of rains in the Midwest for this weekend, however, provide a slight support for prices, which makes it possible to preserve the support of $4.80/bu on December 2026.
The confirmation by the USDA of a purchase of 470,000 t of US soybeans by China was not enough to keep the soybean in the green yesterday on the Chicago market. Indeed, this rumor of the previous day had already advanced the market and its formalization leaves room for some profit-taking.
Black Sea market
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