The EUR/USD currency pair declined to 1.0496, while the price of US WTI light crude oil dropped to 68.94 USD per barrel.

Oil prices fell on Monday after a 6% increase last week. The rise was driven by heightened tensions in Ukraine, which supported oil prices. Meanwhile, Iran responded to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating new and advanced centrifuges used for uranium enrichment. On Sunday, Iran's foreign ministry announced that talks with three European powers regarding its disputed nuclear program are scheduled for November 29.

China's crude oil imports rebounded in November as lower prices spurred stockpiling demand, while Indian refineries increased crude oil processing by 3% year-on-year to 5.04 million barrels per day in October, supported by fuel exports.

Yesterday, March wheat futures in Chicago fell by 9 cents to $5.55 3/4 per bushel. Wheat futures in Chicago and Paris saw significant declines, driven by a wave of sell-offs. As of November 24, 2024, winter wheat in the United States has been planted on 97% of the planned areas (94% the previous week, 97% a year earlier, and 98% five-year average). Emergence has occurred on 89% of the planted area (84%, 90%, 89%). Crops in good to excellent condition account for 55% (49% the previous week, 50% a year earlier), showing rapid quality improvement thanks to rainfall, which has greatly benefited crops. This was one of the factors suppressing the market, although exact data was released after the session closed. Another factor was the strength of the U.S. dollar.

For the week ending November 21, 2024, U.S. wheat export inspections totaled 360,513 tons (196,746 the previous week, 288,458 a year earlier). Season-to-date exports stand at 10.69 million tons (8.15 million). Algeria is seeking to purchase at least 50,000 tons of soft wheat of any origin with January–March delivery. SovEcon forecasts Russia's November wheat exports at 4.2 million tons, 25% lower than October and the lowest since July. Late last week, much-needed rainfall was recorded in eastern Ukraine and southwestern Russia. Bangladesh received multiple bids for purchasing 50,000 tons of wheat.

Yesterday, March corn futures in Chicago declined by 2 1/4 cents to $4.33 per bushel. Corn futures in both Chicago and Paris fell, influenced by the strong U.S. dollar and sharp declines in the neighboring wheat market. The USDA reported a private export sale of 454,090 tons of corn to Mexico (364,792 for the current year and 89,298 for 2025/26). Weekly U.S. corn export inspections were 903,049 tons (873,661 and 419,862), bringing the season-to-date total to 10.03 million tons (7.29 million). Algeria is seeking to purchase 240,000 tons of feed corn from Brazil or Argentina.

From July 1 to November 25, 2024, Ukraine exported 17.497 million tons of grain (12.693 million a year earlier), including 3.098 million tons in November (3.453 million). This marks the first season-to-date decline in exports compared to the previous year, with expectations of further lagging as the season progresses.

Yesterday, CBOT January soybean futures rose by 3 1/4 cents to $9.85 3/4 per bushel. Soybean and soymeal futures in Chicago recorded gains, while soyoil futures fell. Rapeseed futures in Paris and canola futures in Canada also increased. Weekly U.S. soybean export inspections totaled 2,102,002 tons (2,266,415 and 1,574,084), bringing the season-to-date total to 19.69 million tons (17.58 million). According to AgRural, 86% of Brazil's planned soybean acreage for the 2025/26 crop has been planted (74% a year earlier). Next week is forecasted to be drier across much of Brazil’s growing regions, but rain is expected thereafter. In Argentina, scattered rains have created favorable conditions. Algeria is seeking to purchase 70,000 tons of soymeal.

In December, Russia's export duty on sunseed oil will rise to 9,195.8 rubles/ton (2,891.1 in November), and the duty on sunseed meal will be 3,788.4 rubles/ton (3,422.4). The indicative price for sunseed oil in December is 954.7 USD/ton (897 in November). The new duty effectively halts Russia’s sunseed oil exports, and further price increases are expected.