European market
In the absence of new weather market support for the new campaign, wheat prices continue to decline in the short term. The French market is still seeking export outlets to third countries for the end of the campaign. Moreover, the latest rebound in the euro/dollar to around 1.0500 is hindering export competitiveness.
For once, corn detached from wheat yesterday on Euronext. It managed to progress on its own, against the backdrop of rising prices observed in Ukraine and more broadly on the international scene.
Rapeseed continues its upward trend. The August 2025 contract even marked a new high traded at 504.75 €/t. It should be noted that the two major leading markets, Canadian canola in Winnipeg and palm oil in Kuala Lumpur, are firmly retesting their highs from last November/December.
American market
Weather concerns are easing in the U.S. wheat market. Snow has finally arrived along with polar cold in the southern Great Plains. Operators will remain vigilant about crop conditions after winter, but they are more reassured today than they were a week ago.
Funds returned to buying corn and soybeans in Chicago yesterday while continuing to sell wheat.
The U.S. corn market is awaiting the USDA's weekly export sales figures this Friday. Indeed, the repeated performance of U.S. corn exports week after week is the main driver of the current upward trend.
The soybean market remains hesitant with good progress in Brazilian harvests on one side and persistent heatwaves in Argentina on the other.