European market
The prices finally showed a slight decline yesterday at the end of the day. The daily variation for grains was of the order of €2/t between the highs and the lows traded on Euronext. The strong decline observed at the end of last week has been confirmed, with prices now falling below the €190/t level for front contracts.
The increase in the euro/dollar parity, back above 1.1900, also weighed on European markets. The operators remain very attentive to the dynamics of exports to non-EU countries in this second half of the campaign, given the volumes remaining to be marketed both in Europe and in the Black Sea area. The security of shipments in Western Europe, during this winter period, constitutes an element of short-term support compared to other origins whose logistics are currently much more complicated.
Only the May 2026 rapeseed contract recorded an increase yesterday, closing nevertheless below the €490/t level at the end of the session, after having traded intraday up to €491.50/t on Euronext. On the other hand, the following contracts showed a slight decline, integrating the relaxation observed at the beginning of the week on European rapeseed oil prices.
American market
The beginning of the week was marked in Chicago by a hesitant market, pending the USDA report tonight with production figures and end-of-campaign stocks estimates. Only the soybean oil market was up. The March 2026 contract closed the session on a new high and is now approaching its highest level since last July.
Despite new sales announced to China, soybean prices recorded a slight decline on the upcoming March 2026 contract, with much less sustained activity than at the end of last week. The USDA announced yesterday a new exceptional sale of 264,000 t of soybeans destined for China for the current campaign. This element somewhat reassures operators after the announcement, last week, of a boost in exports to this outlet, for an additional 8 Mt in addition to the initial commitment of 12 Mt for the 2025/26 campaign.
In wheat, SRW prices are falling back below the level of $5.30/bu for the March 2026 contract. Operators are adjusting their positions while waiting for today's USDA figures.
The situation is similar in corn, where the prices of the font contract fell below $4.30/bu.
Black Sea market
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