European market

Grain prices are still showing a strong amplitude of variation to date in a context of the still blocked export activity from Russian and Ukrainian ports, where daily attacks follow one another. This situation favours the repositioning of buyers towards other origins, in particular European, for the periods of close loading. Activity is showing a dynamic on the eastern side of Europe from the Bulgarian and Romanian ports, but also on the western European zone, in particular from the French ports, where prices have gained in attractiveness in the face of the increase in wheat prices in the CVB zone.
The operators also remain very attentive to the American announcements following the discussions recently carried out with the Russian and Ukrainian representatives, even if to date no improvement has been observed due to the blocking of grain export activity from the Black Sea zone. However, like US prices, prices fell yesterday on both physical and futures markets. On Euronext, the clearing prices marked a decrease on all contracts in wheat. In corn, the downward movement is less in a context where the harvests that are beginning show disappointing yields.
The figures published yesterday by Statistics Canada pushed to a slight decline in Canadian canola prices because of the seed stocks level, up compared to last year, and especially the prospect of a hoped-for increase in canola harvest for next year. The price relaxation movement was minimal on the Euronext market, where prices rose again during the session above €560/t to finally show a slight decline compared to the previous day. In the current context, the firmness of crude oil prices and the readjustment of rapeseed oil prices after the previous day's decline in Europe also provide an element of support.

American market

The approach of the monthly publication of the USDA and the statements of US President Donald Trump following his recent telephone interview with Russian President are pushing for some profit-taking on the part of the funds. Nevertheless, at this stage, there are still many questions about the yield potential of corn in the USA and about the situation in the Black Sea faced with the blocking of exports.
Wheat prices in Chicago marked a new decline yesterday, gradually approaching the level of $8.00/bu for the December 2026 HRW contract. A decline is also observed on the SRW contract, back below the level of $7.30/bu. The downward movement leads the prices to test an important technical area which coincides with the highest treated last July.
In corn, despite a new exceptional sale reported yesterday by the USDA to Mexico for a volume of corn exceeding 180,000 t, prices also marked a decline in Chicago. As for wheat, profit-taking before Friday's USDA report was carried out by traders anxious to adjust their positions before this publication. At the same time, many funds are seeking to secure part of the accumulated gains in the face of the upward movement observed since last month. North American operators are also integrating the prospect of an upward revision of corn production in Argentina announced yesterday by the Rosario Stock Exchange.
The new exceptional sales of soybeans announced yesterday by the USDA, for a volume of 440,000 t, most of which had already been announced for China, did not allow prices to leave the range in which prices have been moving since the beginning of the month. The November 2026 contract closed the session just under $13.10/bu. However, American exporters are reassured to see activity developing towards China, in accordance with the commitments announced during the trade negotiations between the American and Chinese representatives.

Black Sea market

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