Wheat prices rise slightly on CBOT

Wheat prices on the Chicago Mercantile Exchange (CBOT) increased by less than 1 cent per bushel on Monday, following a significant drop the previous day. The December 2026 contract rose 1.25 cents to 672.25 cents per bushel, while the March 2027 contract gained 0.75 cents to 686 cents per bushel.

European wheat prices rebound slightly

In Europe, wheat prices on Euronext saw a small increase, with the December 2026 contract rising 1.25 euros per ton to 243.25 euros per ton, and the March 2027 contract gaining the same amount to reach 244.5 euros per ton. Tensions in the Black Sea continue to support prices, even though global supply is abundant.

Russia prepares first Arctic wheat shipment

Russia is preparing its first wheat shipment from the Arctic port of Murmansk, aiming to transport approximately 40,000 tons of wheat from the Stavropol Krai. This move comes as the country seeks new export routes after a significant decline in wheat flows through southern ports.

Egypt meets wheat purchase target

Egypt has achieved its wheat purchase target from local producers, collecting nearly 5 million tons during the 2026 campaign. The country’s harvest exceeded 10 million tons due to expanded sown areas, allowing it to strengthen strategic reserves and reduce reliance on international markets.

Russian wheat planting faces challenges

Russian wheat planting is under stress, with southern regions experiencing a second consecutive year of water deficit and high temperatures. These conditions could affect the 2027 harvest potential, as farmers are sowing in soils that are not sufficiently moist.

USDA lowers Russian wheat export forecast

The USDA has reduced its forecast for Russian wheat exports for the 2026/27 season by 3 million tons, to 40 million tons. This decline is partially offset by higher export expectations in Canada and Argentina, which limits the immediate impact on the global balance.

Corn prices rebound on CBOT

Corn prices on the CBOT rebounded on Monday, gaining between 1 and more than 3 cents per bushel. The December 2026 contract rose 3.25 cents to 483 cents per bushel, while the March 2027 contract gained 3 cents to reach 497.25 cents per bushel.

European corn prices rise slightly

In Europe, corn prices were slightly higher, with the November 2026 contract increasing by 3.75 euros per ton to 277 euros per ton, and the March 2027 contract gaining 2.25 euros per ton to reach 267.5 euros per ton. European corn markets remain supported by a historically low harvest revised downward by the USDA.

US corn farmers shift to soybeans

The combination of depressed corn prices after the USDA announced large global stock levels and rising fertilizer costs is encouraging American farmers to reduce corn sown areas in favor of soybeans. Urea price increases are particularly affecting corn profitability.

Global corn stocks are high

Global corn stocks have been strongly replenished thanks to the abundant U.S. harvest, but export availability from other major suppliers remains limited due to logistical disruptions in the Black Sea and the growing demand for corn used in ethanol production in Brazil.

Brazil prioritizes domestic corn use

Brazil prioritizes its domestic corn market over exports, with the USDA maintaining its forecast for Brazilian corn production at 139 million tons for the 2026/27 campaign. This harvest will depend on nearly 23.2 million hectares harvested and the significant contribution of the safrinha, the second corn crop sown after soybeans.

Brazilian corn exports may be limited

Despite this abundant production, exportable availability could be limited by a strong increase in domestic consumption. Brazilian corn demand is expected to reach 102 million tons, supported by the rapid development of the bioethanol industry and the growing needs of animal feed. As a result, the USDA has reduced its forecast for Brazilian corn exports to 43 million tons.

Energy truce appears ineffective

The energy truce announced by Donald Trump between Ukraine and Russia does not seem effective, with strikes targeting Ukrainian energy infrastructure on Monday. Oil prices have continued their rise after an attack carried out by the Houthis in Saudi Arabia.

Oil prices fluctuate after initial gains

The Brent December contract advanced 1.92% to 106.13 dollars per barrel, while the WTI November contract gained 1.59% to 93.1 dollars per barrel. However, by Tuesday morning, both contracts declined, with Brent down 0.64% and WTI down 0.59%.