• Agricultural commodity prices started off strong this week, both in Chicago and on Euronext.
Grain prices were firm, in contrast to last week's steady decline. While demand remains subdued, supply concerns have once again been in the spotlight, as has geopolitics. The rise in tensions in the Black Sea should be noted, with the Russian authorities announcing that a missile had landed in the port of Azov. This happened only a few days after logistics infrastructures were damaged in Odessa.
Traders are closely watching the situation in Russia, where sowings are not going very fast. With 8,27 million hectares of winter crops sown, producers are lagging behind, which is not dissimilar to the 2020 episode, which resulted in a decrease in winter wheat acreage in some regions. At the same time, exports continue to do well in Russia and Ukraine, which should limit volumes available for the second half of the season.
On the oilseed side, it was palm oil that set the trend with a push up the chart. This was followed by soybeans and finally canola, which rose sharply to close at €475/t. The sunflower crop is being closely watched, which will be blocked for some time due to the rain and wind forecast for the French plains in the coming days.
American market
Soybeans led the first session of the week, breaking away from the crucial $10/bu area. The firmness of palm oil prices, combined with concerns about weather conditions in Brazil, largely explained the move. In fact, in the south-central area, less than 1% of the land has been sown. For corn, the percentage is 26%.
Last report USDA showed good progress for the corn harvest, with 14% of the crop harvested, slightly above the 11% average of recent years. Soybeans, meanwhile, were 13% harvested, while spring wheat harvest is nearing completion. At the same time, 25% of winter wheat was sown, according to the average.
Quotations Euronext 23.09.2024/1/XNUMX (GMT+XNUMX)
Wheat (€/t)
| December 2024 | 220,25 | + 4,25 |
| March 2025 | 230,50 | + 5,00 |
| May 2025 | 234,75 | + 4,75 |
| September 2025 | 230,75 | + 4,25 |
| December 2025 | 235,75 | + 4,50 |
Maize (€/t)
| November 2024 | 206,00 | + 4,25 |
| March 2025 | 213,75 | + 4,50 |
| June 2025 | 217,00 | + 5,00 |
| August 2025 | 218,75 | + 3,75 |
| November 2025 | 215,00 | + 3,50 |
Rapeseed (€/t)
| November 2024 | 475,25 | + 12,50 |
| February 2025 | 478,50 | + 11,75 |
| May 2025 | 480,00 | + 11,00 |
| August 2025 | 460,25 | + 11,25 |
| November 2025 | 462,75 | + 11,25 |
Article written by Gabriela Dan, Editor-in-Chief Arta Albă
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