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Desk View — 19 October 2026: US corn lands in Europe under Argentine corn, French export corn gives back its October rise
US corn now lands in Europe $0.50/t under Argentine corn, while French export corn, after following Euronext November futures higher, has given that rise back. We are bullish on CBOT soybean oil, Euronext corn, Euronext milling wheat and CBOT soybean meal, bearish on CBOT corn, CBOT SRW wheat and Euronext rapeseed, and neutral on HRW wheat, soybeans and canola.
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Desk View — 16 October 2026: US soybean oil stocks run low as biofuel plants keep buying, France still pays up for corn on hand
US soybean oil stocks ended September at 0.478 Mt, a multi-year low for the month, while French corn on hand trades far over March delivery. We are bullish on CBOT soybean oil, Euronext corn, Euronext milling wheat and CBOT soybean meal, bearish on CBOT corn, CBOT SRW wheat and Euronext rapeseed, and neutral on HRW wheat, soybeans and canola.
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Brazil grows a record corn crop and keeps more of it at home
Conab's first 2026/27 balance adds 3.5 Mt to Brazil's corn crop and nearly twice that to domestic use, led by ethanol. Exports have stopped growing with the harvest, and this season's shipments already run well behind plan.
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Desk View — 15 October 2026: France pays up for corn it no longer has, US corn struggles to find buyers
French corn on hand trades far over March delivery after FranceAgriMer cut the crop to its smallest in thirteen seasons, while US corn sales cover their smallest share of the export programme in six seasons. We are bullish on Euronext corn, Euronext milling wheat, CBOT soybean meal and CBOT soybean oil, bearish on CBOT corn, CBOT SRW wheat and Euronext rapeseed, and neutral on HRW wheat, soybeans and canola.
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France's corn shortfall lands on its European customers
FranceAgriMer has halved the French corn crop and taken the lost grain out of exports, leaving domestic users almost untouched. The EU neighbours who buy most of France's corn will get about a third of last year's tonnage, and the price is already pointing them to imports.
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Desk View — 14 October 2026: France feeds wheat as corn on hand runs short, Chicago pays for nearby soybean meal
Euronext wheat trades under corn for March delivery and Bordeaux cash corn is at its strongest for the date in ten years, while nearby soybean meal trades over May in Chicago and US corn lands dearer than Argentine corn in Europe, Egypt, China and Japan. We are bullish on Euronext milling wheat, Euronext corn, CBOT soybean meal and CBOT soybean oil, bearish on CBOT corn, CBOT SRW wheat and Euronext rapeseed, and neutral on HRW wheat, soybeans and canola.
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Desk View — 13 October 2026: French buyers pay up for corn on hand, US corn and wheat find few export buyers
Bordeaux cash corn is at its strongest for the date in ten years and the Euronext corn curve slopes down, while US corn and soft red winter wheat lag in export sales. We are bearish on CBOT corn, CBOT SRW wheat and Euronext rapeseed, bullish on Euronext milling wheat, Euronext corn and CBOT soybean oil, and neutral on HRW wheat, soybeans, soybean meal and canola.
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Desk View — 12 October 2026: US corn piles up unsold, France pays for corn on hand, rapeseed curve pays to store
The USDA lifts US corn stocks while US export sales lag, as French buyers pay up for nearby corn and the rapeseed curve pays holders to store seed. We are bearish on CBOT corn, CBOT SRW wheat and Euronext rapeseed, bullish on Euronext milling wheat, Euronext corn and CBOT soybean oil, and neutral on HRW wheat, soybeans, soybean meal and canola.
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The US corn crop the market saw shrinking has come back bigger
After two months of falling crop ratings, the USDA lifted the US corn yield to 181.2 bushels an acre, against an average trade estimate of 177.7. The crop is now larger than the USDA's first projection in May, and the question has moved to who buys it.
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Desk View — 9 October 2026: France pays for wheat and corn on hand, US wheat and corn struggle to find buyers
French cash wheat and corn hold firm against futures in the middle of harvest, while US wheat and corn export sales cover a smaller share of the USDA programme than in any recent season. We are bullish on Euronext milling wheat, Euronext corn and CBOT soybean oil, bearish on CBOT SRW wheat, CBOT corn, soybean meal and Euronext rapeseed, and neutral on HRW wheat, soybeans and canola.
