MATIF corn, wheat and rapeseed futures rebound at start of August

Buyers return after late-July sell-off

Corn, wheat and rapeseed futures recorded a strong rebound on the MATIF exchange on Monday, 3 August 2026, reversing part of the decline seen in the final days of July. According to Agronews, the November corn contract led the advance, gaining €6.25 to close at €249 per tonne. September wheat added €3 to €225.75 per tonne, while November rapeseed rose €10.50 to €523.50 per tonne.

The move followed profit-taking and technical selling at the end of the previous month, when speculative funds adjusted positions after an earlier rally. The first August session suggested that the correction had been short-lived, with investors again focusing on physical supply, export conditions and logistical risks. A firm opening in Chicago, where corn, wheat, soybean and soybean oil futures moved higher, also supported the Paris market.

Black Sea logistics and Algerian demand support wheat

Uncertainty surrounding Black Sea ports remains an important source of risk. Reports at the end of July that new export routes could be opened initially helped push prices lower. Agronews said, however, that continuing tensions around ports were still complicating deliveries and leaving export logistics uncertain.

Ukraine's limited storage capacity adds to the pressure. The approaching corn harvest will increase demand for silo space and require stocks to be cleared more quickly. Any disruption to exports could therefore intensify pressure on storage and the wider grain market.

Demand signals also strengthened after Algeria's OAIC agency issued a tender for common wheat. Algeria is one of the world's largest wheat importers, making its return to the market closely watched by exporters. Agronews reported that Russia, recently one of Algeria's main suppliers, was facing increasing difficulty guaranteeing timely deliveries. That could create additional opportunities for European Union exporters, while stronger purchasing activity from North Africa may support MATIF wheat in the coming weeks.

Rapeseed defies weaker oil as corn weather risk rises

Rapeseed was one of the session's notable performers. The November contract gained more than 2% even as crude oil fell by about 5%. Lower oil prices normally weigh on biofuel feedstocks and oilseeds, but European rapeseed remained resilient. At €523.50 per tonne, the contract recovered almost all of the losses recorded late in the previous week as traders returned their attention to Europe's tight rapeseed balance and limited raw-material availability.

Corn posted the largest percentage increase on MATIF, rising 2.57% as the outlook for Western European production deteriorated. Drought and high temperatures are affecting crops in France. Because corn is particularly sensitive to water shortages during critical development stages, conditions over the next few weeks could be decisive for yields. Futures are beginning to price in the risk of a smaller harvest.

US exports reinforce demand signals

US market data provided additional support. Confirmed private soybean purchases included 488,000 tonnes for China and more than 136,000 tonnes for an undisclosed buyer. Weekly US corn export inspections reached about 1.9 million tonnes, indicating that international demand remained active despite high prices.

After Monday's close, the USDA Crop Progress report showed the share of US corn rated good or excellent declining from 63% to 61%. The soybean rating was unchanged at 63%. The spring wheat rating improved by 2 percentage points to 55%, while harvest progress reached 86%.

The first August session put supply fundamentals back at the center of trading, but it did not establish a sustained upward trend. Weather forecasts, export data, geopolitical developments and fund positioning remain potential sources of volatility. For corn and rapeseed in particular, tighter balances may nevertheless limit the scope for a larger decline.