Written Commentary
ADMISI London Wheat Report: ICE Feed Wheat (13 July 2026)
- ADMISI Grains Team
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London Wheat Report
Friday’s news coming from the Azov region that the Kerch Strait was closed to ships spiked the market, leaving some to question if the move was overdone. Today, wheat markets were trading in and around Friday’s settlement, meaning traders were still unsure how long the blockade would last. The Kerch Strait was closed due to Ukrainian attacks on Russian ships, and over the weekend, the Russians retaliated at the Black Sea deep-water port of Chornomorsk. Kernel, a Ukrainian grains and oilseed producer, described the latest attacks as some of the ‘’largest wartime strikes they have seen”, damaging grain, sunflower oil and meal storage and transhipment infrastructure. In response, the company has suspended operations from the port.
Weather is the main driver of Corn and Beans in the US markets, as hot and dry weather could threaten crop conditions. Rising crude oil prices after intensified conflict between the U.S. and Iran, and Iran’s claim to have closed the Strait of Hormuz, also supported the two markets. Crude was trading up nearly 5% at the time of writing, with front month Brent trading nearly 80 USD a barrel.
China has expanded access to Australian canola by allowing private processors to import the oilseed, the latest sign of improving agricultural trade between Beijing and Canberra. Beijing has allowed Australian canola imports to enter through seaports in Hainan, Guangdong, Guangxi, Fujian, Hebei, Liaoning and Tianjin, with cargoes required to be processed at approved facilities near the ports, local sources have said.
London wheat was supported in today’s trading after beginning the day trading in the red. As harvest continues, the first reading has signified that yields are down from last year; however, this is no surprise given the recent heatwave, drawing down crop moisture. However, many are saying the next few weeks will be more telling.
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