European market
The beginning of the week is marked by a strong decline in crude oil prices, back to their mid-October levels. This downward correction has pressured several other raw materials in its wake, foremost of which are oilseeds. On Euronext, rapeseed prices fall back below €550/t for the February 2027 and May 2027 contracts, erasing in a single session the progress recorded the previous week.
The slight rebound of the euro against the dollar, recorded during the session with a return above 1.12, also favoured grain prices easing. European operators remain attentive to the evolution of the situation in the Black Sea as well as to the flow of exports from Russia. In addition, as the mid-season approaches, the arrival of new volumes on the international market, linked to the return of competition from the Southern Hemisphere, brings additional pressure on wheat prices. The December 2026 contract on Euronext is stabilizing for the moment around the level of 228 €/t.
In corn, the downward movement is also visible, integrating the imports currently underway in EU and France to cope with the decline in the 2026 harvest, but also the numerous substitutions observed due to the price of corn compared to other grains available. On Euronext, the approach of the closing of the November 2026 contract, scheduled for this Thursday, November 5, leads to a strong downward adjustment in prices, in a context of a logical contraction of the open position of this contract. However, the following contracts have not recorded such a marked decline, down between €2 and €3/t. To date, the March2027 contract, which concentrates almost 70% of the open position of all corn contracts, closes below €257/t and returns to its lowest level since last August 26.
American market
The midterm elections in the United States will be the focus today. The financial markets will obviously be very attentive, in the evening and tomorrow, to the results of the election which concerns many seats in the House of Representatives as well as a little more than a third of the seats in the US Senate. Meanwhile, crude oil prices experienced a sharp decline yesterday in New York on the announcement of new negotiations between Iranian and American representatives, without however guaranteeing progress in resolving the current conflict.
The decline in crude oil has pressured the vegetable oil market in Chicago. The December 2026 soybean oil contract closed the session just above c$65/lb, its lowest closing level for more than six months. The decline in soybean oil has also weighed on soybean prices, which are already under pressure amid the harvest progress. According to the USDA, there are now less than 11% of the areas left to be harvested.
In grains, prices have suffered less from the easing energy prices. The corn and wheat markets, which have experienced a sharp decline in recent weeks, have shown signs of stabilization. The progress of the corn harvests is confirmed with 74% of the harvested areas now, in line with expectations and in strong progress compared to the previous week. Slowed down by the rainy weather conditions, winter wheat sowing is progressing more moderately, with now 83% of the planted areas. The first crop ratings stand out at 44% of areas judged "good to excellent" according to the USDA.
Black Sea market
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