European grain futures climb to multi-year highs as US wheat weakens

Paris corn and rapeseed gain more than 2%

European grain and oilseed futures advanced sharply on Monday, diverging from a weaker US wheat market. Agronews reported that the November MATIF corn contract XBX26 rose by €5.75, or 2.33%, to €252.75 per tonne, its highest price since April 2023. The move reflected tight European balances, limited grain availability and increased investor interest in agricultural contracts.

Rapeseed recorded an even larger nominal gain. The XRQ26 contract added €13.25, or 2.44%, to €557.25 per tonne, the highest level since February 2023. Agronews linked the increase to stronger sentiment across oilseeds, rising soybean prices and gains in crude oil, which can support demand for feedstocks used in biofuel production. Uncertainty over European seed supplies and crop quality may keep the market volatile.

Wheat rises more slowly on MATIF

Paris wheat moved higher at a more moderate pace. The MLU26 contract gained €0.50, or 0.21%, to €235.25 per tonne, reaching its highest level since February 2025. Concerns about available grain, the quality of the current harvest and export conditions in the Black Sea region supported the European market.

The futures rally does not guarantee an immediate equivalent increase in physical grain prices. Agronews noted that local supply, crop quality, storage conditions, feed-industry demand and exporter activity will determine procurement prices. For Polish farmers, the euro-zloty exchange rate will also affect how gains in Paris translate into domestic quotations.

US exports and harvest pressure Chicago wheat

On CBOT, the September wheat contract ZWU26 fell by 8.6 cents, or 1.28%, to 674 cents per bushel. Weekly USDA export inspections covered only 213,900 tonnes of wheat. Since the season began on June 1, US shipments have run 29% below the previous year, indicating weaker competitiveness in international markets.

Fresh harvest supply added pressure. USDA Crop Progress data showed that 74% of the US winter wheat area had been harvested, compared with a 71% average for the period. Spring wheat conditions were less favorable: 53% of fields were rated good or excellent, down from 54% a week earlier and far below the 92% recorded a year ago.

US corn and soybeans move higher

Chicago markets were not uniformly weaker. The August soybean contract ZSQ26 rose by 1.78% to 1,226 cents per bushel following reports of new export purchases in USDA daily reporting. Corn contract ZCU26 gained 1.07% to 449.4 cents per bushel, supported by higher crude oil prices and their implications for bioethanol feedstock demand.

US crop development remained ahead of normal. Corn silking had reached 59% of planted area against a 54% average, while 67% of the crop was rated good or excellent, down from 68% a week earlier. Soybean flowering reached 66%, and pods had formed on 32% of fields versus a 24% average. USDA rated 66% of soybeans good or excellent, one percentage point above the previous week. The contrasting European and US signals show that regional supply, export competitiveness and crop conditions are currently outweighing a single global direction.