- French wheat: March MATIF milling wheat edged up 0.17% to $221.83/t in thin holiday trading, while May remained flat.
- Corn strength: March MATIF corn gained 0.95% to $224.73/t, with June corn holding slightly below at €192.75/t.
- Oilseeds mixed: SAFEX March sunflower seed fell 2.73% to 9,618 ZAR/t (45,690 RUB/t), while sunflower oil stayed firm at $1,425/t FOB Rotterdam.
- US closure impact: US exchanges were shut for Martin Luther King Day, limiting global price discovery and liquidity.
- Black Sea signal: Slight MATIF strength offers a neutral-to-mildly bullish cue for Black Sea exporters, but confirmation hinges on the next US session.
Market Overview
On Monday, January 19, 2026, French grain futures posted modest gains in a low-liquidity session as US markets were closed for Martin Luther King Day. Price action on the Paris MATIF exchange offered limited but generally supportive signals for wheat and corn, while oilseed markets moved lower on SAFEX.
Grain Futures Performance
March milling wheat on MATIF closed at €191.25/t ($221.83/t), up 0.17% on the day, while May wheat futures were unchanged at €192.00/t. Corn outperformed wheat, with March futures climbing 0.95% to €193.75/t ($224.73/t) and June corn ending at €192.75/t.
| Contract | Month | Price | Price (USD/t) | Daily Change |
|---|---|---|---|---|
| Milling wheat (MATIF) | March 2026 | €191.25/t | $221.83/t | +0.17% |
| Milling wheat (MATIF) | May 2026 | €192.00/t | n/a | 0.00% |
| Corn (MATIF) | March 2026 | €193.75/t | $224.73/t | +0.95% |
| Corn (MATIF) | June 2026 | €192.75/t | n/a | n/a |
Oilseed and Sunflower Market
Oilseed markets diverged, with sunflower seed under pressure even as sunflower oil export values remained elevated. March sunflower seed on the SAFEX exchange dropped 2.73% to 9,618 ZAR/t (45,690 RUB/t). In contrast, sunflower oil as of January 12, 2025, was quoted at $1,425.00/t FOB Rotterdam in bulk, underscoring relatively firm product values.
| Commodity | Contract / Date | Price | Price (Alt Currency) | Daily Change |
|---|---|---|---|---|
| Sunflower seed (SAFEX) | March 2026 | 9,618 ZAR/t | 45,690 RUB/t | -2.73% |
| Sunflower oil FOB Rotterdam | Jan 12, 2025 | $1,425.00/t | n/a | n/a |
FX and Implications for Black Sea Traders
As of January 19, 2026, the USD/RUB stood at 77.8332 and EUR/RUB at 90.5366, shaping export parity calculations for Black Sea origins. The slight firmness in MATIF wheat and corn offers a neutral-to-slightly bullish reference for regional exporters, but the absence of US trading limited genuine price discovery and cross-market arbitrage.
| Currency Pair | Exchange Rate | Date |
|---|---|---|
| USD/RUB | 77.8332 | Jan 19, 2026 |
| EUR/RUB | 90.5366 | Jan 19, 2026 |
Outlook
With US exchanges closed for Martin Luther King Day, Monday’s moves in European and South African markets reflect low-liquidity positioning rather than a definitive trend shift. Traders in the Black Sea and EU regions should look to Tuesday’s US session for clearer guidance on global grain and oilseed direction, particularly as liquidity normalizes and inter-market spreads realign.
Source: Market Data
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