Grains on the European exchange

• Despite All Saints' Day, a public holiday in many European countries, the Euronext market was open on Friday 1 November.

The result was persistent selling pressure in wheat and corn, as well as a sharp rise in canola seed quotes. On Thursday, rapeseed exceeded EUR 520/t, for the first time in two years on the exchange Euronext.

Wheat continues to be hit by exports from Western Europe, which are seen as insufficient, while maize succumbs to growing pressure on the crop. The return of high pressure conditions makes it easier to harvest and seed in the fall.

last thursday FranceAgriMer published the following activity report for October 28:

– Common wheat: 41% planted, compared to 21% last week and 65% average so far;
– Winter Barley: 62% sown, up from 38% last week and an average of 80% so far.
– Corn: 38% harvested, up from 25% last week and 81% year-to-date average.

After Algeria, which returned to wheat purchases at the end of last week, it was Egypt's turn to launch a new auction on Monday, November 4, for deliveries from November 25 to December 15.

In the oilseeds market, the persistence of a very firm palm oil price in Kuala Lumpur, the highest in 2½ years, is being closely watched. In the background, the return of oil also provides support.

American market

Like all financial markets, the US grain market is taking a wait-and-see attitude ahead of the US presidential election on Tuesday, November 5. And the specter of a return to the "trade war" between the United States and China is at the center of the discussions.

Wheat fell slightly in Chicago on Friday as more beneficial rain arrived in the Midwest. Corn, on the other hand, closed higher, with export support still very strong in the United States. However, this support for exports was not enough to sustain soybean prices.

Weekly figures of USDA on export sales to the United States, published last Thursday, remained high for all products for 2024/2025:

– Soft wheat 411.000 t;
– Maize 2,342 Mt;
– Soy 2,273 Mt.

On Friday, November 1, the USDA announced new exceptional sales of 132.000 t of US soybeans to China and 198.000 t to an unknown destination. As for corn, a sale of 781.332 t to Mexico was announced. 80.000 t of soybean oil was also sold to India.

Euronext quotes 04.11.2024 (GMT + 1)

Wheat (€/t)

Maize (€/t)

Rapeseed (€/t)

Article written by Gabriela Dan, Editor-in-Chief Arta Albă

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