Wheat leads rally in Chicago, as funds scramble to exit shorts

• Dollar rebounds 0.3%, but remains close to four-year lows
• Funds believed to be reducing Chicago wheat short positions from eight-month high
• Jordan tenders for 120Kt of wheat. Tunisia makes purchase

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Gold prices surge to record levels

• Gold surges to new record
• Oil prices rally on cold weather an geopolitical risks
• European grains struggle amidst currency

Daily Markets

European wheat prices caught in downdraft from tumbling dollar

• Dollar hits lowest versus euro and sterling since 2021
• Russia wheat export hopes grow, despite strengthening in rouble vs dollar too
• Rapeseed futures supported by gains in crude and vegetable oils

Daily Markets

Wheat reverses early gains, as Russia and US freeze fears ease

• Wheat prices hit near-six-week highs in Chicago, before reversing
• Snow cover seen protecting Russia and US winter grains from bitter cold
• Natural gas prices continue to surge on cold weather and short covering

Daily Markets

Russia, US cold fears provide support to wheat markets, whilst gas prices surge

• SovEcon warns of threat in Russia posed by temperatures of minus 20-25 Celsius
• In the US, USDA warns crops face freeze "without the benefit of a protective snow cover"
• Natural Gas prices continue to surge on cold snap and short covering

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Rapeseed hits six-week high, lifted by buoyant vegoils

• Paris rapeseed heads for first close of 2026 above its 100-day moving average
• Buoyed by resilience in crude oil, and demand boosts to vegetable oil prices
• Wheat prices lose early headway as weather maps boost southern US Plains rainfall hopes

Daily Markets

Wheat falls amid broad market jitters sparked by Greenland crisis

• Dollar dips by 1.0% as Donald Trump says "there can be no going back" on his plan to seize Greeland
• Wheat falls in Chicago nonetheless, amid talk of fund selling. European prices ease too
• Rapeseed prices find support from buoyant energy markets. Natural gas spikes 17%

Daily Markets

European wheat prices pare gains, as euro and sterling gain

• US markets closed for Martin Luther King Day holiday
• Algeria, Saudi Arabia make big wheat purchases at tender
• Rapeseed prices ease, as canola weighed by profit-taking

Sizeable Saudi tender helps European wheat prices higher

• Saudi Arabia unveils first high profile international wheat tender of 2026
• Crude oil prices tumble as fears of Iranian unrest ease
• Rapeseed futures rise nonetheless, supported by soaring soyoil