European market

The rebound in crude oil yesterday, at its highest level for two weeks in New York in the context of tensions in the Middle East, as well as the new fall of the euro/dollar to a new low at 1.1150 in session, offered some support to the European grain market.
Wheat was also supported on Euronext by the launch of a new call for tenders from Algeria. Although the OAIC does not accept French wheat, the majority of other European origins should be solicited in view of the logistical difficulties encountered by Russian and Ukrainian wheat.
The market has also been very skeptical about Donald Trump's latest statements announcing an energy truce between Russia and Ukraine. Indeed, strikes continue on both sides on key infrastructures.
While this context allowed a rebound in wheat and corn prices on Euronext throughout the session, it did not prevent rapeseed prices from closing down on the remote contracts on Euronext, and this mainly in connection with spread operations.

American market

The US market consolidated yesterday for its first session after the publication of the USDA report of October 9th.
Corn and wheat prices, in sharp decline on Friday, were able to record slight gains yesterday at the close, while soybeans, in slight gain on Friday, depreciated yesterday. The funds returned to purchases in wheat and corn after the strong liquidations of the previous session. The surprise increase in the yield of American corn to 181.2 bu/acre continues to fuel debates among operators and analysts around the world, as does the resulting increase of 6 Mt of production.
On the other hand, the increase in yield posted by the USDA in soybeans to 53.1 bu/acre and the American soybean production for 2026, raised to 124.15 Mt, are more consensus. It is also the arrival of this massive harvest that weighed on soybean prices yesterday in Chicago, with favorable weather for the harvest at the beginning of the week on the Corn Belt.
We will have to wait until Tuesday evening to know the latest figures on the progress of harvests in the United States. The traditional Monday publication of the USDA having been postponed because of a federal holiday yesterday in the United States, on the occasion of Columbus Day.

Black Sea market

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