• Reassured that the latest Israeli strikes spared Iranian oil facilities, the oil market shed much of its geopolitical risk premium yesterday.
With a decrease of -6,1% to 67,4 dollars/barrel at the close of yesterday evening on the New York stock exchange, the decline in the price of oil causes the prices of other commodities to decrease as well.
However, wheat on Euronext managed to maintain its quotes in the short term, thanks to increased export competitiveness. New crop maturities such as September and December 2025 fell by €1/t following favorable weather conditions for wheat sowing this week in France.
Favorable conditions for a more advanced corn harvest explain why the price of corn returned to its lowest level in the last month at the close of trading Euronext.
The price of rape remains above €500/t on Euronext.
Tunisia will hold an auction today for the purchase of 75 tons of durum wheat.
In his report on crop status and harvest progress, USDA confirmed yesterday that the US harvest continues to progress extremely rapidly. Soybean harvest is now 89% complete and corn 81% complete.
The first assessment of the season's winter wheat crop suggests that the situation is much worse than expected. In fact, with only 38% of US winter wheat rated as "good to excellent", this is the second-worst first crop rating in the nearly 40-year history of USDA's rating system.
Also yesterday, the USDA announced new exceptional sales of 124.000t of corn to Japan and 120.000t to an unknown destination.
Euronext quotes 28.10.2024/1/XNUMX (GMT+XNUMX)
Wheat (€/t)
| December 2024 | 217,00 | + 0,25 |
| March 2025 | 229,00 | + 0,00 |
| May 2025 | 234,00 | -0,25 |
| September 2025 | 225,75 | -1,00 |
| December 2025 | 231,25 | -1,00 |
Maize (€/t)
| November 2024 | 205,75 | -1,50 |
| March 2025 | 209,75 | -2,25 |
| June 2025 | 214,00 | -2,50 |
| August 2025 | 217,25 | -2,50 |
| November 2025 | 216,00 | -2,50 |
Rapeseed (€/t)
| November 2024 | 502,50 | -5,25 |
| February 2025 | 508,00 | -6,00 |
| May 2025 | 506,25 | -5,50 |
| August 2025 | 476,00 | -4,50 |
| November 2025 | 472,75 | -6,00 |
Article written by Gabriela Dan, Editor-in-Chief Arta Albă
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