European market
The grain prices saw a sharp decline yesterday, following the drop in North American markets and seeking to regain some attractiveness after last week's rebound. The slight depreciation of the euro against the dollar observed at the end of the day did not curb the decline.
On Euronext, September 2025 wheat contracts were once again traded at 201 €/t, reaching their lowest level since May 13. The downward trend extended across contracts. In corn, the August 2025 contract fell below 200 €/t, while the November 2025 new harvest contract remained just above this threshold.
Given this new price drop, weather conditions will be closely monitored. After recent rainfall, thunderstorms are expected at the end of the week, with rising temperatures starting Thursday (Ascension Day). Despite the holiday, Euronext will remain open for trading, though French market participation may be limited.
Rapeseed prices tested the 490 €/t resistance level on the August 2025 contract yesterday. After briefly trading above this level—marking a return to its highest point since early April—rapeseed retreated by the end of the day. Meanwhile, Canadian canola futures also tested resistance levels, reaching recent highs. Rapeseed oil prices showed little movement, with a modest increase in Europe, similar to the pricing on the new RSO futures contract available on the CME market.
American market
After a long weekend due to the U.S. holiday on Monday, the reopening of the Chicago market saw a sharp decline in grain prices. SRW wheat prices closed lower, reaching their lowest level in a week. The September 2025 contract settled just below 5.45 $/bu, erasing last week's rebound.
Crop development continues, with 75 % of winter wheat now headed. Recent rainfall has reassured market participants, but the USDA downgraded crop ratings, with 50 % of wheat areas now classified as "good to excellent," a 2-point drop from the previous week. Meanwhile, spring wheat planting has progressed to 87 % completion, with the first crop assessment rating 45 % of spring wheat as "good to excellent."
Corn and soybean planting is accelerating, reaching 87 % and 76 % of total areas, respectively—both above the five-year average. U.S. farmers advanced by + 9 points in corn and + 10 points in soybeans compared to last week.
The USDA released its first corn crop rating, with 68% of areas classified as "good to excellent." The evolution of corn crop conditions will now be closely monitored. Corn prices fell in Chicago yesterday, following the downward trend that began late last week.
Black Sea market
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