European market

The rise of the euro / dollar close to 1.1760 at the highest since early October penalized EU grain prices yesterday. In a context of ample supply and strong international competition, wheat was the most punished yesterday on Euronext with a decline of -1.50 €/t to 188.50 €/t on the March 2026 contract.
The decline in the corn contract was limited to -0.75 €/t with a closing of the March 2026 contract at 186.25 €/t. The wheat-corn spread on the close was reduced to 2.25 €/t. Corn remains supported by the slowness of imports from Ukraine into the European Union. The Ministry of Economy of Ukraine estimates the 2025/26 corn exports since the beginning of the campaign at 4.4 Mt against 8 Mt last year to date.
Argentina, which offers the cheapest wheat in the world for export, remains at the center of attention. The latest upward revision of the 2025 wheat production estimate by the Rosario Stock Exchange yesterday was well noticed by the market. A new record of 27.7 Mt is now expected against 24.5 Mt previously or 20% above the previous record.
Rapeseed is holding well despite the strong euro. It is punctually supported by a burst of demand related to the approval on Wednesday by the German government of the transposition of the European directive on renewable energies RED III.
The international grain market was animated yesterday by the purchase by Tunisia of 125,000 t of soft wheat, 100,000 t of durum wheat and 125,000 t of barley. It is interesting to note that barley was bought around $269/t CIF, that is $12 to $13/t more expensive than wheat, purchased at prices in a range of $256 to $257/t CIF.

American market

The progress is slight but generalized to wheat, corn and soybeans in Chicago. The US grain market is benefiting from the downward movement of the dollar initiated by the recent FED rate cut. Moreover, the catching up of the delay in the weekly US export figures during the shutdown continues to confirm strong autumn US corn sales. 

On the week of November 13, the United States sold for export : 
850 400 t of wheat
2,380 Mt of corn
695 600 t of soybeans.

Added to this publication is the announcement yesterday by the USDA of new exceptional sales concerning 226,000 t of soybeans and 186,000 t of corn, both to unknown destinations. 
In direct competition with Brazil on corn and soybean exports, US operators remained very attentive yesterday to the new official production forecasts from Conab for 2025/26 in Brazil:

Corn: 138.88 Mt against 138.84 Mt expected last month
Soybeans 177.12 Mt against 177.12 Mt expected last month.