The Sète grain exchangeorganized by Cobesud (association of grain professionals from the south of France), was held on Friday May 22, with nearly 400 people present, an increase in attendance compared to last year. THE courtiers such as manufacturers or storage organizations and service providers (logistics, transporters, insurers, financiers…) in the sector, both conventional and biowere able to take stock of both the end of the 2025-2026 commercial campaign and the start of the new one which will start on July 1.
Difficult end of campaign for grain marketing
The issues are clearly stated from the first discussions for the campaign which is ending: « Les production costs of the farmers are always significantly higher than the prices offered by the marchés de grains ». In this context of sellers holding back, hoping for higher prices, and buyers reluctant to pay the prix current market prices, considered too expensive for their economic model, “difficult to bring together supply and demand, in addition to other questions posed by the international context, both agricultural and geopoliticalâ€says a broker located in the Southeast. A real dilemma in a French context where the volumes to be sold at the end of the 2025-2026 campaign are still significant.
Sellers hope for better prices and buyers believe they are paying too much for their supplies: a difficulty which marks the end of the campaign
Add to this a regional factor which particularly concerns the great south of the France. “The Spanish market is congested and stocks are still important in the country »specifies a Barcelona broker. This outlet outside France therefore does not provide additional dynamics compared to the blockage of the current French market.
The rise in energy prices increases the cost of transporting cereals
The question of the price ofenergywhich jumped due to the petrolière crisis au Middle Eastis also in all conversations between professionals. “For example, to understand the increase in transport prices, a departure from the port of At Pallice towards the Portugal which was trading at 19-20 €/t before February 28, 2026 is now trading at 24-25 €/t; business is being done but at higher prices due to the rise in the price of fuelTO ; available training transport exist, no problem on this subject »explains a shipping broker.
“The end of the campaign is a little tricky in terms of execution, with some buyers taking a little while to collect their goods from the storage organismsas the new harvest arrives. The multiples happy days of May have further complicated the situation. The rise in prices of fuel also weighs on the operational level even for those who benefit from the recoveries offered by the State. However, it is less violent than forUkraine in February 2022, the fuel increases were much more brutal than this year with the Middle East»comments another broker. Other operators also explain that the Ukraine-Russia to serve “for example” and that the actors of the raw materials markets in general “have now integrated the suddenness and unpredictability of French events into their risk management for their own businessâ€.
Prices for the new cereal marketing campaign considered too high by buyers.
The information that filters about the new campaign (new récoltes rather promising, stocks important future carryovers…) are “It floats down by nature” judges a broker but they have difficulty directing prices in this direction. For now, prices are holding steady due to the geopoliticsprices ofenergy and blocking the Strait of Hormuz notably. Conclusion, according to this French speaker, « on assiste à un marché de speculation currently » with an omnipresence of funds positioned for purchase in the new campaign. “It’s starting to move in the new harvest even if the actors are a little lost in the face of the big differences in prix between May and September 2026 on the futures markets. Particularly buyers who find it difficult to accept paying much more for the new harvest compared to the old one. »
Read also | Cereals and sugar market from May 20 to 27, 2026 – Some interest in the 2026 harvest, little activity in the old countryside
For others, “Demand is already dynamic for the 2026 harvest but an agreement on the conflict level Middle East would not do any harm to calm the market a little, particularly for questions of global visibility for international operators.”.
Market sellers prefer “Work all in bonus, nothing in cash”notes another broker, while buyers rather wish to set prices prix right away. “On ne sait jamais!” Clearly, buyers prefer a fixed, secure and definitive price while sellers wish to provide themselves with the opportunity to evolve their commercial proposition depending on developments in the international situation and its consequences on businesses. marchés à terme.
Low enthusiasm for the new campaign against a backdrop of a promising harvest for the moment
Côté champs, « les orgies should start within ten days near Toulouse [en tout début juin, NDLR] »according to a representative of a cooperative. What a Barcelona broker confirms: « En Spainthe first cuts of durum wheat in the new season have been made and the feedback is rather positive. Users are in no rush to look outside at the moment.”.
In the southwest of the France, “We had some rain in January-February, and a temps sec and rather hot in March-April, so everything looks good for the harvest; by June 15, we should attack the wheat, the barley will have started before. Difficult to give a feeling today [en termes de quantité et de qualité de la récolte, NDLR] »specifies a broker. “It was necessary toeauwe got it and we had to soleilwe got it. So overall it looks good for the news harvest »adds a market operator located in the South-East.
In some regions of Burgundy Franche-Comtéthe first cuts ofbarley should take place around June 10. According to another cooperative located in Rhône-Alpes, “It looks good for the cuts to come, probably at the end of June in blé ».
Everyone agrees on one point: there must not be anystormy episodes hyper violent as the first cuts begin.
Pour résumer le sentiment général, “We would need, at least for a few weeks, stabilizing elements and less volatilité on contextual market elements, both in terms of geopolitics and on the energy sector ». If only to try to build a marketing strategy at the end/beginning of the campaign…
Questions about fertilizers
In fertilizer, “Concerns are beginning to arise, not so much about the price levels, which are certainly very high, and which will undoubtedly remain so for some time to come, as about simply being able to find availability.” on the market, says a broker. Clearly, even if an actor is ready to pay a high price, he cannot find merchandise available.
Read also | Fertilizer prices: increases continue in a still uncertain context in the Middle East
A European port terminal operator explains that in oilcake and cereals, “It’s running smoothly, we unload and load normally” at the end of the campaign but “in fertilizer, nothing is happening overall, it’s dead until July-August and we hope for a recovery in September now, but at what price levels?” Still on the subject of fertilizers, “Some business is still being done in certain ports, particularly in France.”more « uniquement sur un marché d’opportunités».
