Written Commentary
ADM Reports Second Quarter 2026 Results
August 4, 2026
ADMISI London Wheat Report: ICE Feed Wheat 12 August 2026
- ADMISI Grains Team
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London Wheat Report
Grain markets were sharply higher out of the gate on news of a massive overnight drone attack on Russia’s deep-sea Black Sea port of Novorossiysk, which put two major grain terminals out of action. Euronext responded by reaching daily highs of +8.25 EUR on the Sep contract compared to London’s +£4.00 for November, following the US markets which had traded upwards overnight.
A Russian spokesperson confirmed that they will continue strikes on Ukrainian vessels, though the effects of this are already being seen on port lineups, with only 159 vessels recorded in Odesa compared to 400 in July of last year. Consequently, Ukraine’s grain exports have fallen by 76% to 280,000 mts between August 1-12 from 1.15 million tons between August 1-15 last year.
On the demand side, Jordan’s state grain buyer made no purchase in an international tender for 120,000 mts of feed barley, despite offers from Bunge, Olam and Ameropa, with uncertainty over Black Sea shipping believed to have reduced participation. This is now expected to be re-tendered for Aug 19th.
The much-awaited USDA WASDE (the first using survey-based yield data for the season) reduced corn yields by 2.3 bpa to 180.7 bpa following hot and dry weather in July, and put production at 16 billion bushels, up 13 million from last month. Soybean yields were trimmed by 0.3 bushels to 52.7 bpa; however, production was pegged at 4.5 billion bushels, up 44 million from the July reportUS All-wheat production was reduced by 5 mbu to 1,531 mbu, and yield is projected at 47.8 bushels per acre, up 0.1 from last month.
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