Comparison of Euronext and CBOT prices converted to €/t. Identify arbitrage opportunities between European and US markets.
Difference between the most active contract (M1, highest OI) and the next expiry (M2). Contango = M2 > M1 · Backwardation = M1 > M2.
| Commodity | M1 (active) | M2 | M1 − M2 |
|---|---|---|---|
| Blé tendreEBM | 206.00€/tMLU26 | 212.25€/tMLZ26 | -6.25 €/tContango |
| ColzaECO | 518.75€/tXRQ26 | 523.25€/tXRX26 | -4.50 €/tContango |
| MaïsEMA | 221.25€/tXBX26 | 228.00€/tXBQ26 | -6.75 €/tContango |
Source: Euronext T-1 · CBOT delayed 30 min · EUR/USD T-1 · Active contract = highest open interest
Last seen at this level
15.20 €/t · 9 April 2026 · 3 months(Spread that day: 15.59 €/t)
Last seen at this level
84.40 €/t · 1 August 2022 · 3 years 11m(Spread that day: 86.29 €/t)
Oil prices influence fertiliser and transport costs, correlated with grain prices over the medium term. The Brent−WTI spread reflects the premium of European crude over US crude.
| Product | Code | Price | Date |
|---|---|---|---|
| 🛢️ WTI | CL.F | 71.47$/bbl | 25/06/2026 21:10 |
| 🛢️ Brent | CB.F | 74.68$/bbl | 25/06/2026 21:10 |
| Brent − WTI Spread | +3.21$/bbl | ||
Last seen at this level
3.21 $/bbl · 16 April 2026 · 2 months(Spread that day: 3.61 $/bbl)
Indicative physical prices in France. Ammonium nitrate ex-works and UAN solution ex-Rouen, two key inputs in cereal production costs. Source: agri-mutuel.com · Daily update (business days).
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Calendar spreads measure the price difference between two expiries of the same contract. On Euronext wheat, a negative spread (contango) indicates abundant near-term supply, while a positive spread (backwardation) signals immediate availability tension. Tracking inter-market spreads between EBM and ZW (CBOT) helps assess European wheat competitiveness against US wheat.
The EBM-ZW spread measures French wheat competitiveness against US wheat. A high positive spread indicates Euronext wheat is more expensive than Chicago wheat converted to euros: France loses export market share. A negative or near-zero spread signals recovered competitiveness. The EBM calendar spread (difference between two expiries) reflects futures market structure: backwardation (positive spread) signals immediate availability tension, contango (negative spread) indicates abundant near-term supply.