Written Commentary
The Ghost in the Machine Q1 2026
March 26, 2026
London Wheat Report
Another exciting day on London wheat today as the May-26 contract entered another roller-coaster day in it tender period. 150 lots past through the exchange trading up to £190 and down to £188. The Nov-26 contract also looked busy with 480 lots trading on the day. It was once again a day of green on the screen for all traded London contracts.
Across the channel, European wheat futures rose to a one-month high today, supported by dry weather in the U.S. wheat belt and soaring oil prices linked to the Strait of Hormuz standoff. European cash markets did not gain significant support from the dryness in the U.S., with the most likely reason owing to Black Sea wheat being expected to dominate global exports in the new season. Non-commercial market participants reversed to a net long position in Euronext’s milling wheat futures and options in the week to April 24, data published by Euronext this afternoon.
Across the pond, Chicago wheat futures hit their highest point in nearly two years on Wednesday, while corn hit a one-year high, supported by weather concerns in the U.S. and a rise in crude oil prices linked to the Iran war. Rainy weather in the U.S. Plains wheat belt could alleviate some of the drought stress on crops, but some areas may have already experienced yield loss. Upcoming rain is forecast to miss other dry areas.
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