European market
Reflecting the financial markets, where the week ended with sharp declines, oil experienced a significant drop. The dollar, which had strongly depreciated the previous day—pushing the euro/dollar exchange rate above 1.11 during Thursday's session—rebounded, falling back below 1.10. This dollar movement helped prices readjust by the end of the day, particularly for European agricultural commodities.
Thus, after starting the session lower, Euronext prices closed higher on Friday for cereals, while rapeseed futures for May 2025 saw a slight decline. Announcements of increased import tariffs are raising many questions about the evolution of trade between certain countries. However, the recent price drop is prompting buyers to reposition themselves on both local and international markets. Notably, Algeria has returned to the market early this week with a tender for the purchase of durum wheat for a loading period extending from May to June.
Regarding the 2025 harvest, the latest figures from FranceAgriMer show a slight improvement in winter soft wheat crop conditions, with 76 % of planted areas now rated as "good to excellent." Winter barley and durum wheat crops are also improving, each gaining one point compared to the previous week, now rated "good to excellent" at 71 % and 81 %, respectively.
American market
Friday's session saw another day of high volatility, reacting to the new tariffs announced by the U.S. Exporting countries have responded differently—some attempting negotiations, while others announced tariff increases. China swiftly reacted on Friday by imposing new tariffs of 34 % on all U.S. imports, including corn and soybeans.
Chicago prices experienced a sharp decline during the session, particularly in soybeans. May 2025 futures dropped close to their December lows of 9.70 $/bu. Brazilian harvests continue to progress and will soon be completed, significantly increasing supply on the international market and offering an alternative to importers shifting away from U.S. origins.
The downward trend also affected soft wheat, with SRW wheat currently trading below 5.30 $/bu for May 2025 futures in Chicago. Producers remain highly cautious about the potential impact of tariffs on their upcoming harvests. December 2025 futures even hit a new contract low on Friday.
In corn, the decline was also sharp throughout Friday’s session, although prices ultimately closed slightly higher compared to the previous day. Heavy rainfall appears to be slowing down planting progress, delaying early sowing operations for early April.
Black Sea market
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