European market
The easing of oil prices, back below 110 $/b for Brent, and the strengthening of the euro are prompting some downward price adjustments for grains, in a context where current rainfall across France and a large part of Europe is reassuring regarding the condition of crops in place.
Wheat prices on Euronext, for the May 2026 maturity, therefore recorded a decline yesterday, falling back at the start of this month below 190 €/t and moving closer to the lowest levels seen last February. The downward move was also observed in the new crop, with prices retreating by -2.50 €/t on the September 2026 and December 2026 contracts. Exporters will be watching closely today the outcome of Algeria’s tender, which is being finalized today and whose purchasing needs cover the July period.
In maize, the move is different, with the old crop posting new highs during yesterday’s session. The June 2025 maturity was traded at 228 €/t and the August 2025 maturity at 229.25 €/t, before retreating at the end of the day. Feed compounders continue to point to an extremely wide price spread between maize and wheat, encouraging, where possible, substitution toward maize in formulations.
The firmness seen in vegetable oils remains an element to monitor on the oilseed market, a factor that continues to provide support to seed prices. Indeed, after the new high traded the previous day in rapeseed, prices on Euronext posted a slight pullback yesterday, closing the session at 525.50 €/t. Against a backdrop of volatility and current price levels, the rapeseed market is seeing strong activity in options contracts (Call/Put) on Euronext for the November 2026 and February 2027 maturities.
American market
The session was marked by a pullback in maize, wheat and soybean prices. The first trades of the day opened on a firm note, with maize posting a new contract high for the May 2026 contract, traded up to 5.0575 $/bu. The move observed on the nearby contract, which is approaching expiry, drove the subsequent maturities in a similar way in Chicago. Prices then retreated, driven by profit-taking and position adjustments, notably from funds in maize.
The situation is comparable in soybeans which, on the nearby May 2026 contract, also started the day with a sharp rise before eventually slipping back below 12 $/bu by the end of the session for the May 2026 contract. In the new crop, prices are also adjusting lower after the new high traded the previous day, and are once again trading below the 12 $/bu level for the November 2026 maturity.
The pullback in oil prices is also bringing an adjustment factor for prices, in line with news flow regarding developments in the maritime traffic situation in Hormuz and announcements pointing to a potential de-escalation.
Black Sea market
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