European market

Last week ended in calm, the grain market being divided between a consolidation phase on grains and the continuation of the rebound in oilseeds. This beginning of the week will be marked by the mid-term legislative elections in the United States, which will take place tomorrow Tuesday, November 3rd. The key is a strengthened or weakened President Donald Trump and therefore a global geopolitical context that could quickly evolve, which keeps the market in suspense.
After the major announcement effect of last week, with the reopening by Russia of the Sea of Azov to boat trips until November 15, it is now time to test reality. The operators are therefore carefully monitoring the flows in this region with, for the moment, a rather slow implementation, in particular due to unfavourable weather.
The situation around the flows in the Black Sea therefore remains rather confused. It allows wheat prices to validate the support zone of 227 €/t tested throughout the past week. The December 2026 contract even closed with an increase of +1 €/t to 228 €/t. However, this is only the third close in the green over the last 12 sessions, which testifies to the power of the last bearish movement.
The corn is struggling more. The March 2027 contract on Euronext closed with a decline of -0.5 €/t to 258.75 €/t after seeing its attempt to rebound above 260 €/t fail. Consumption rationing shows its strength.
The rapeseed market is now released from the November 2026 contract on Euronext, which expired on Friday evening in a still context of low water levels in Europe. The last two contracts of the 2026 harvest, namely February and May 2027, took advantage of this to close up by 1.75 € t and 2.25 €/t respectively. With the help of a very firm rapeseed oil on Friday, both reintegrate into the price range that framed them during the first half of October.

American market

As in Europe, calm and wait-and-see prevailed on Friday evening in the Chicago market. The prices of the main products thus close in scattered order while remaining fairly close to equilibrium. The decline in wheat, corn and soybean prices is strong both over the past week and over the entire month of October.
The recent support zones are under surveillance, namely the $6/bu for SRW wheat December 2026, the $4.50/bu for corn December 2026 and the $12.2/bu for soybeans November 2026.
This new month of November will be synonymous with the end of the harvests in the United States, but also with the end of the electoral uncertainty that surrounds the mid-terms of this Tuesday, November 3rd. Although ahead in the polls, the Democrats remain neck and neck with the Republicans and the outcome of the election remains uncertain to this day.

Black Sea market

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