European market

The European grain market took an extended break with Euronext closing last Thursday evening for the Easter weekend.

Trading resumes this Tuesday under the shadow of an even stronger euro against the dollar compared to last week. Market distrust toward the U.S. continues, with investors particularly wary of Donald Trump’s repeated statements in recent days about his intention to replace Jerome Powell as head of the Fed. Powell, who maintains his independence, is not inclined to immediately launch the interest rate cuts demanded by the executive.

As a result, the euro/dollar has broken past the 1.15 threshold, reaching a new three-and-a-half-year high.

From a weather perspective, past and upcoming rainfall remains largely insufficient across northern France, as well as in much of northern Europe.

American market

Closed for Good Friday, U.S. markets reopened on Monday. The American macroeconomic downturn took center stage, leading to a broad decline at yesterday’s Chicago close. The improved export competitiveness of U.S. commodities—thanks to a dollar index at its lowest in three years—failed to contain the drop. Funds were selling wheat, corn, and soybeans yesterday in Chicago.

The planting progress published by the USDA after market close last night shows a faster-than-normal advance last week:

• Corn: 12 % planted, compared to 4 % last week and a five-year average of 10 %

• Soybeans: 8 % planted, versus 2 % last week and a five-year average of 5 %

• Spring wheat: 17 % planted, up from 7 % last week, with a five-year average of 12 %

Winter wheat crop conditions deteriorated by two points over the week, with 45 % rated as “good to excellent,” compared to 50 % at this time last year.

Black Sea market

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