• The Euronext grain exchange was marked by heightened volatility yesterday, strongly influenced by geopolitical developments in the Middle East and major movements in energy markets.
The uncertainty generated by the situation in the Strait of Hormuz and the conflict in Iran initially propelled oil prices to very high levels, approaching $120/barrel during the session. This spike triggered a chain reaction in commodity markets, including the agricultural segment, where prices experienced sudden increases, followed by significant corrections. Speeches suggesting possible solutions to mitigate the impact of the blockade contributed to calming the markets, causing a rebound in quotes for both energy and agricultural raw materials.
Pe the European market, the effects were also clearly felt in the evolution of the euro/dollar parity. The European currency reached a new low, temporarily falling below the level of 1,1550, close to the minimum of the previous November, before returning slightly above the threshold of 1,1600. This depreciation of the euro directly influenced prices expressed in the single currency, generating further adjustments in the session.
In the wheat segment, the March 2026 contract recorded a wide-ranging session, closing at €195,75/t after a rebound, while more distant positions closed slightly higher.
Increased market volatility
High volatility has complicated the process of responding to import demands from important countries, such as Turkey (maize and feed barley) or Algeria (milling wheat). The risk of large differences between exporters' offers increases in such periods of instability.
Externally, the US markets in Chicago followed a similar path, with exceptional amplitudes and corrections after testing recent highs. Funds took profits after buying in previous weeks, and attention now turns to the report USDA monthly, which will update supply and demand estimates globally.
In conclusion, the Euronext session reflects a market highly sensitive to macro and geopolitical news, in which external factors (energy, currency, international tensions) temporarily dominate classic agricultural fundamentals. Operators remain cautious, and further developments will largely depend on the clarification of the situation in the Gulf and the signals coming from the USDA report.
Euronext quotes on 09.03.2026 (GMT+1)
Wheat (€/t)
| May 2026 | 209,75 | + 1,75 |
| September 2026 | 216,00 | + 1,75 |
| December 2026 | 221,25 | + 1,50 |
| March 2027 | 224,00 | + 1,00 |
| May 2027 | 226,25 | + 0,75 |
Maize (€/t)
| June 2026 | 207,75 | + 2,25 |
| August 2026 | 211,00 | + 2,25 |
| November 2026 | 208,00 | + 2,00 |
| March 2027 | 209,75 | + 2,75 |
| June 2027 | 207,25 | + 2,25 |
Rapeseed (€/t)
| May 2026 | 514,00 | + 4,75 |
| August 2026 | 496,00 | + 4,75 |
| November 2026 | 498,00 | + 5,00 |
| February 2027 | 497,50 | + 5,75 |
| May 2027 | 495,25 | + 6,00 |
Article by Gabriela Dan, Editor-in-Chief
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