European market
The new downward movement of the euro against the US dollar observed yesterday provided support to European grain prices. The European currency is now trading below 1.1250 against the dollar, after trading yesterday at its lowest level since May 16, 2026, at 1.1160. This movement on the currency automatically and mechanically leads to a price adjustment, favouring the rebound in grain prices and.
In addition to this decline in the euro, there is the still problematic context of export activity from Russian and Ukrainian ports, where the situation is not changing. In this uncertain context, the market notes the repositioning of importing countries, like Saudi Arabia which yesterday concluded a tender for soft wheat. Pending the scheduled shipments in November and December, the negotiated price level currently suggests that several European proposals have been selected. The prices on Euronext, both in wheat and in corn, have respectively increased by more than +4 to +5 € /t over the near term, causing the following maturities to rise.
Rapeseed prices did not benefit from the same dynamics, closing slightly higher, however, after a session marked by a strong amplitude of variation. In session, the November 2026 contract oscillated between 535 and 545 €/t. The rapeseed market nevertheless finds support with the prices of rapeseed oil, up again as confirmed by the evolution of the CME contract relating to European rapeseed oil.
American market
The first session of the week allowed wheat prices to move above their supports in the United States. The December 2026 contract in Chicago, after a sharp decline the previous week, is trying to stabilize above $7.40/bu in a context where the new strengthening of the dollar, however, remains an additional brake on the export activity, already struggling this season due to the low availability in the USA. In the new harvest, the sowing work is accelerating with now 36% of the areas done for winter wheat.
The latest rains observed in the Midwest have caused a slowdown in harvesting sites, especially in corn. The latest figures from the USDA show indeed a progression of 5 points compared to last week, bringing the harvest to 23% of the areas. As the weather conditions are improving, the producers are however confident about the progress of the work to come. The new exceptional sale of 129,540 t of corn destined for Mexico for the 2026-27 campaign has provided some support after the strong decline recorded last week. Corn prices on the CME did not change much yesterday, closing at an almost unchanged level compared to Friday's close. The December 2026 contract was displayed at the end of the day, still below $5/bu, at $4.9725/bu.
Soybean prices, after a session marked by a strong amplitude of variation, are closing on a moderately bullish note. The November 2026 contract timidly goes back above $12.80/bu. The progress of the harvests is confirmed with 25% of the areas done, according to the latest figures published yesterday by the USDA. In parallel, a new exceptional sale of 104,000 t of soybeans for the 2026-27 campaign was announced yesterday, without specifying the destination. The decline in prices in the USA that has begun for two weeks brings some buying interests in a context where the weekly export loading activity is currently in line with expectations. In terms of prices, traders note, on the other hand, a rebound in soybean oil prices, which returned yesterday in session to test the level of c$70/lb for the December 2026 contract, i.e. its highest level since mid-September, before finally closing the day below this level.
Black Sea market
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