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Key takeaways:
In the cash markets, tender buying activity was reported during the week, with South Korean feed importer Nonghyup Feed Inc (NOFI) booking 60,000 tonnes of optional-origin feed wheat for February arrival at $266.50 per tonne CFR, plus an additional $1.30 per tonne for discharge at second and third ports. Based on the price, the origin is expected to be either South American or Australian.
Along with that, NOFI also booked 15,000 tonnes of Russian feed wheat in a tender that closed on Wednesday November 12, paying $255.90 per tonne CFR, with delivery expected by February 15.
Algeria’s state buyer, OAIC, purchased at least 120,000 tonnes of milling wheat in a tender for delivery to shallow water ports between December 1 and February 28, 2026. Prices for delivery to Mostaganem were $263-264 per tonne CFR, and around $270-271 per tonne for Tenes. OAIC also booked up to 50,000 tonnes of feed barley, with prices ranging from $263 to 264.50 per tonne CFR, for shipment to Mostaganem and/or Tenes ports during the same period.
Jordan’s state grain importer booked 60,000 tonnes of wheat from Cargill at $262.50 per tonne CFR Aqaba for February loading.
Tunisia’s state grain agency, Office des Céréales (ODC), has purchased [LINk] 100,000 tonnes of durum wheat for December-January shipment at an average of $324.14 per tonne CFR. Along with that, ODC also secured 125,000 tonnes of milling wheat in 25,000 consignments paying $257.86 per tonne CFR each.
Jordan passed on its barley tender, scheduling a new one for next week.
In terms of the price movement, Australian market remained steady, with Fastmarkets’ Australian premium white wheat (APW) assessment unchanged at $253 per tonne for December loading, along with Australian standard white (ASW) also stable at $243 per tonne FOB Western Australia. But trade sources said that for now the interest switched toward February loading already.
In the Black Sea region, prices were largely steady over the week, as farmers remained firm on their offers and showed little inclination to sell cheaper.
Fastmarkets’ assessment for Russian 12.5% wheat declined slightly by $0.50 per tonne to $231.50 per tonne FOB for December shipment, along with 11.5% wheat, which was assessed unchanged at $229 per tonne FOB as offers for such grade were absent.
The price assessment for Ukrainian 11.5% wheat remained at $229 per tonne for December loading.
Feed wheat prices rose by $2 per tonne, being assessed at $222 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC), but offers were scarce and few dollars above it, while bids were still well below. The level is therefore considered indicative.
European wheat prices fell across most origins, as the December wheat contract fell.
Baltic 12.5% wheat rose by €1 per tonne to €227.75 ($264.60), while Polish 12.5% wheat eased by €0.25 per tonne to €227.75 per tonne.
Premiums for Polish and Baltic FOB 12.5% wheat cargoes both rose over the week, by €1.50 per tonne and €2.50 per tonne respectively, to €7 per tonne. This was enough for Baltic wheat prices to rise as it outweighed the fall in the contract, but not enough for Polish origin.
Elsewhere, premiums were unchanged, and prices fell in line with the contract.
French 11% wheat eased by €2.00 per tonne to $224.25 per tonne.
German 12.5% wheat also eased by €2.00 per tonne to €228 per tonne FOB.
Romanian/Bulgarian 11.5% wheat rose by €3.75 per tonne to €234 per tonne for December loading on FOB Constanta-Varna-Burgas basis, as premiums rose by €3.75 per tonne over the week.
In North America, US Gulf hard red winter (HRW) wheat, soft red winter (SRW) wheat, Pacific Northwest (PNW) soft white (SW) and Canada western red spring (CWRS) increased.
The overall price for FOB US Gulf HRW 11% wheat climbed by $9.00 per tonne from November 7 to $245.50 per tonne on Thursday November 13.
Meanwhile, the FOB US Gulf SRW 10.5% wheat price rose by $3.75 per tonne to $236.25 per tonne, FOB US PNW SW 10% wheat price increased by $3.00 per tonne to $236.00 per tonne and the FOB CWRS 13.5% wheat price rose by $4.75 per tonne to $263.50 per tonne.
Chicago SRW, Kansas HRW and Minneapolis hard red spring (HRS) futures edged higher amid optimism after the US and China reached a trade deal on October 30, which may bolster Chinese purchases of US agricultural commodities.
The USDA and other US government agencies canceled the issuance of most reports for the duration of the country’s government shutdown, which began on October 1 and ended on Wednesday November 12. One exception to the cancellation was the USDA’s export inspection report, which is released each Monday.
Export inspections of US wheat decreased by 17% to 290,513 tonnes during the week to November 6, from 350,293 tonnes the previous week, according to data from the USDA released on Monday November 10.
Total export inspections from the start of the 2025/26 marketing year on June 1 reached 12.12 million tonnes, up by 19% from 10.17 million tonnes in the same period a year earlier.
In Canada, durum prices were unchanged, with FOB Vancouver 14.5% wheat cargos at $280 per tonne, while St Lawrence cargos stood at $290 per tonne.
Canada’s wheat exports declined by 9.6% to 504,400 tonnes in the week to Sunday November 9, according to the latest data from the Canadian Grain Commission. Cumulative wheat exports reached 6.18 million tonnes, 13% higher than 5.48 million tonnes at the same point last year.
Durum wheat exports decreased by 6.7% to 89,700 tonnes during the same period. Year-to-date durum exports reached 991,400 tonnes, down by 3% from 1.02 million tonnes a year earlier.
In Argentina, 11.5% FOB Up River wheat declined by $1 per tonne to $209 per tonne, which is allowing this origin to compete into North African and Asian destinations.
The Buenos Aires Grain Exchange (BAGE) increased its estimate for the country’s wheat production to a record 24 million tonnes, up from the previous forecast of 22 million tonnes, and 9.1% higher than last year due to high yields, its latest weekly update showed on Thursday.
US corn levels rose over the week, as US export sales rebounded following the government shutdown.
The USDA released on Thursday its first weekly export sales report since the government shutdown. It showed 2025/26 corn net sales of 1.39 million tonnes for the week ending September 25, with exports of 1.43 million tonnes, raising total marketing-year shipments to 4.99 million tonnes, up from 3.41 million tonnes a year earlier.
FOB Gulf prices rose by $1.00 per tonne from November 7 to $207.00 per tonne on Thursday, while FOB PNW prices increased by $6.50 per tonne to $221.75 per tonne.
For corn, a mostly dry pattern is expected to continue, supporting late harvest progress but slowing soil moisture recovery ahead of next season, according to the USDA weather highlights.
In Ukraine, Fastmarkets’ corn export price assessment went up by $2.50 per tonne through the week to $218.50 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC) for December loading amid situational demand for short covering along with difficult logistic situation in the country.
Corn harvest in Ukraine advanced to 62% of the total 2025 planted area, or 4.40 million ha, with 17.91 million tonnes already gathered. This remains below the 22.35 million tonnes produced over the same period in 2024 – a year-on-year decline of 4.44 million tonnes, or 20%.
In South America, Brazil’s FOB Santos corn price for December loading rose by $4.25 per tonne from November 7 to $220.25 per tonne on Thursday.
Fastmarkets’ assessment of Brazil’s corn FOB premium for December-loading fell by 3 cents per bu in the same period, to 119 cents per bu over December Chicago Mercantile Exchange futures.
Around eight corn FOB Santos/Tubarão cargoes were traded this week, including new and old crop corn, versus 10-12 cargoes traded last week, also including both crop years, sources told Fastmarkets.
Brazil’s FOB Northern Arc corn price for December loading rose by $4.50 per tonne from November 3 to $219.00 per tonne on Thursday.
Fastmarkets’ assessment of Brazil’s Northern Arc corn FOB premium for December loading decreased by 1 cent per bu in the same period, to 116 cents per bu over December CME futures.
Brazilian food agency Conab slightly increased its estimate for Brazil’s corn output to 138.8 million tonnes in November, a 0.2% increase from the previous month’s projection of 138.6 million tonnes. The figure is down by 1.6% from last year’s record of 141 million tonnes.
Planting of the 2025/26 summer corn crop reached 47.7% of the projected area of 4 million ha, compared with 42.8% a week earlier, data from Conab also showed. The five-year average for this period is 45.5%. In the same week a year earlier, the rate was 48.7%.
From November 7 to November 13, Argentina’s December-loading corn prices rose by $5.75 per tonne to $211.50 per tonne.
Fastmarkets’ assessment of Argentina’s corn FOB premium for December loading rose by 3 cents per bu in the same period to 98 cents per bu over December CME futures.
Rosario Grain Exchange (BCR) kept its estimate for Argentina’s corn output at a record 61 million tonnes, versus 50 million tonnes in the previous crop year.
Corn planting advanced to 36.6% of the national projected area of 7.8 million ha in Argentina, versus 36% a week earlier. This is 3.7 percentage points behind last year’s pace, data from The Buenos Aires Grain Exchange (BAGE) showed.
Soybean cash markets remained quiet over the week, with only between eight and 12 cargoes reported sold to China, all sourced from Brazil. Canada sales were also reported done. The soybeans market continued to wait for an official announcement on the US-China trade deal.
Cash premiums were unchanged to slightly lower week on week, but outright prices rose backed by an upswing in CME futures that borrowed support from surging meal prices and expectations around a US-China trade deal.
Fastmarkets tracked at least two old crop cargoes sold, one for December-January straddle shipment reported traded at a premium of $2.00-2.05 per bu over January CME futures – although some sources reported it at a lower $1.90 per bu level – and one for January loading at a premium of $1.60 per bu over the same CME contract, both done Thursday overnight.
Earlier in the week, new crop cargoes for April, June and July were reported traded.
Cash premiums on the CFR China market were unchanged to 5 cents per bu lower week on week.
Fastmarkets’ December assessment of the soybean CFR China (Brazil) Premium [link] was assessed at $2.05 per bu over January futures on Friday November 14, down from $2.10 per bu in the previous week. Outright prices for the soybeans market, meanwhile, rose to $498.00 per tonne from $485.75 per tonne a week before.
At origin, the soybean FOB Brazil Paranaguá Paper Premium for December loading was assessed at $0.95 per bu over January futures on Thursday, down from $1.02 per bu over the same contract on November 7 while outright prices rose from $447.00 per tonne to $456.25 per tonne during the period.
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