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Market Notes

Our reading of grain and oilseed markets. Every figure comes from GrainBoard; every note is reviewed and signed.

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Desk View — 30 October 2026: Buyers empty the US soybean book, while US corn and French rapeseed wait for takers

US soybean export sales outpace every recent season, while US corn sells slowly despite landing cheaper than South American corn and French collectors sit on large rapeseed stocks. We are bullish on CBOT soybeans, Euronext milling wheat and CBOT soybean oil, bearish on CBOT corn, CBOT soybean meal, Euronext rapeseed and ICE canola, and neutral on CBOT SRW wheat, KC HRW wheat and Euronext corn.

Desk View8 min read

CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  1. Desk View8 min read

    Desk View — 29 October 2026: France and the US Gulf pay up for wheat on hand, even as US wheat export sales lag

    Rouen wheat cash trades close to Euronext futures with March under December, and US Gulf soft red wheat cash holds its firmest premium for the date since 2022 despite slow US export sales. We are bullish on Euronext milling wheat, CBOT soybeans and CBOT soybean oil, bearish on CBOT soybean meal and ICE canola, and neutral on CBOT SRW wheat, HRW wheat, CBOT corn, Euronext corn and Euronext rapeseed.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  2. Desk View8 min read

    Desk View — 28 October 2026: US corn lands below Argentine corn in Europe and Egypt, Saskatchewan farmers sell canola at a deep discount

    US corn now undercuts Argentine corn delivered to Europe and Egypt, while Saskatchewan canola cash sits at its weakest for October in years despite strong Canadian crush and exports. We are bullish on Euronext milling wheat, CBOT soybeans and CBOT soybean oil, bearish on CBOT SRW wheat, CBOT soybean meal and ICE canola, and neutral on HRW wheat, CBOT corn, Euronext corn and Euronext rapeseed.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  3. Article2 min read

    China is buying US soybeans its crushers have no room for

    Chinese crushers are sitting on far more beans, meal and oil than they usually hold in late October, yet US sales to China just jumped. The state is doing the buying, at a premium to Brazil, while the real's slide cheapens the crop private crushers will want next.

    OilseedsSoybeansMealsVeg oils

  4. Desk View7 min read

    Desk View — 27 October 2026: Rouen rapeseed cash back near February, US wheat and corn still trail on export sales

    French rapeseed cash at Rouen has climbed back close to Euronext February as EU stocks are drawn down, while US wheat and corn sales cover less of their export programmes than in any recent season. We are bullish on Euronext milling wheat, Euronext corn, CBOT soybeans and CBOT soybean oil, bearish on CBOT SRW wheat and CBOT corn, and neutral on HRW wheat, soybean meal, Euronext rapeseed and canola.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  5. Desk View7 min read

    Desk View — 26 October 2026: French wheat lands below Argentine and US wheat in North Africa and Egypt, France pays more for March corn than for June

    French wheat now costs less delivered to Algeria, Morocco and Egypt than Argentine and US wheat, while a halved French corn crop leaves Euronext June corn under March. We are bullish on Euronext milling wheat, Euronext corn, CBOT soybeans and CBOT soybean oil, bearish on CBOT SRW wheat, CBOT corn and Euronext rapeseed, and neutral on HRW wheat, soybean meal and canola.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  6. Desk View7 min read

    Desk View — 23 October 2026: US wheat struggles to find export buyers, France pays to store rapeseed

    US wheat export sales cover 52.3% of the USDA programme, a smaller share than at the same week in any recent season, while French rapeseed sells under February and Euronext pays to carry it to May. We are bearish on CBOT SRW wheat, CBOT corn and Euronext rapeseed, bullish on Euronext milling wheat, Euronext corn, CBOT soybeans and CBOT soybean oil, and neutral on HRW wheat, soybean meal and canola.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  7. Desk View7 min read

    Desk View — 22 October 2026: US soybeans find buyers at home and abroad, France still pays for corn on hand

    US soybean export sales cover 50.6% of the USDA programme and US crushers run close to last year's September pace, while the Euronext corn curve stays inverted on a small French crop. We are bullish on Euronext milling wheat, Euronext corn, CBOT soybeans and CBOT soybean oil, bearish on CBOT SRW wheat, CBOT corn and Euronext rapeseed, and neutral on HRW wheat, soybean meal and canola.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  8. Desk View7 min read

    Desk View — 21 October 2026: The EU pulls in imported corn to cover a small French crop, US wheat and corn struggle to find buyers

    EU corn imports run 39% above their five-season average as US and Argentine corn land in Europe well under Euronext, while US wheat and corn sales lag their export programmes. We are bullish on Euronext milling wheat, Euronext corn and CBOT soybean oil, bearish on CBOT SRW wheat, CBOT corn and Euronext rapeseed, and neutral on HRW wheat, soybeans, soybean meal and canola.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils

  9. Desk View6 min read

    Desk View — 20 October 2026: Euronext pays for corn now and pays to store rapeseed

    On Euronext, March corn trades €22.75/t under November while February rapeseed trades €53.25/t over November. We are bullish on Euronext milling wheat, Euronext corn, CBOT soybean meal and CBOT soybean oil, bearish on CBOT SRW wheat, CBOT corn and Euronext rapeseed, and neutral on HRW wheat, soybeans and canola.

    CerealsWheatCornOilseedsSoybeansRapeseedMealsVeg oils