Wheat prices show minimal changes

Wheat prices on global markets changed very little on October 23, 2026, despite ongoing uncertainties. The December 2026 contract on the Chicago Board of Trade (CBOT) closed at 625 cents per bushel, rising only 0.25 cents from the previous day, while the March 2027 contract fell slightly to 637.50 cents.

Corn prices decline on major exchanges

Corn prices on the CBOT also saw declines, with the December 2026 contract dropping 4.50 cents to 456 cents per bushel and the March 2027 contract falling by 4 cents to 470.25 cents. On Euronext, the November 2026 contract closed at 283.75 €/t, a small decrease of 1.25 €/t.

Export demand weakens wheat price rebound

The slowdown in wheat price recovery on the CBOT is attributed to weak export demand. Recent U.S. export commitments reached 239,600 tonnes, below market expectations. Additionally, the U.S. reported corn export sales of 1.527 million tonnes, with nearly a third going to Mexico.

Black Sea logistics remain a concern

The situation in the Black Sea remains tense, with the conflict between Ukraine and Russia affecting logistics and cereal exports. Russian cereal exports have dropped significantly, with port loading reaching 1.135 million tonnes in early October, compared to 4.515 million tonnes a year earlier.

European ports face logistical challenges

The shift of cereal exports to Baltic ports has not fully compensated for the disruptions in the Black Sea. Since the start of the campaign, the North Sea ports have loaded 875,000 tonnes, while the Novorossiysk terminal has shipped only 59,600 tonnes, far below the 1.7 million tonnes recorded a year earlier.

European corn prices remain firm

Corn prices in Europe have remained stable, with the November 2026 contract on Euronext closing at 283.75 €/t, a slight decrease of 1.25 €/t. The March 2027 contract, however, remained unchanged at 265.25 €/t. Physical prices in France also showed limited changes.

Corn scarcity drives up prices in Europe

Corn shortages in Europe have supported physical prices, with Poland seeing a nearly 58% increase in wet corn prices and a 42% rise in dry corn prices compared to the previous year. In Italy, yellow grain prices have risen by 17% due to low availability and logistical challenges.

Ukraine may shift crop focus in 2027

Ukrainian farmers may significantly change their crop rotation in 2027, reducing the areas devoted to cereals in favor of oilseed crops like soy and sunflower. Corn cultivation could decrease by up to 50%, while wheat areas might shrink by 15 to 17%.

French corn prices slightly decline

French corn prices dropped about 1 €/t on major marketplaces, closing around 271.5 €/t at La Pallice and 309.5 €/t in the Pontivy-Guingamp area. International trade included a purchase of 285.3 $/t C&F for Tunisia, alongside U.S. export sales of 239,600 tonnes of corn and 1.527 million tonnes of wheat.

Currency and oil prices show minor changes

On October 23, 2026, the euro-dollar exchange rate was 1.1204, slightly lower than the previous day. Oil prices rose, with Brent crude exceeding 116 dollars per barrel and WTI above 103 dollars. The dollar’s strength was evident, and the Commitments of Traders report showed a decline in net long positions by funds.