Written Commentary
ADMISI London Wheat Report: ICE Feed Wheat 11 November 2026
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London Wheat Report
London Wheat Extends Gains
A firmer day for London wheat, with just over 520 lots trading as the market extended yesterday’s gains. May-27 took the bulk of the volume, rising £2.50 to £204.00 after trading in a £201.00–204.50 range, and moving back above the £200 mark with some conviction. Nov-27 also gained £1.50 to £193.00 on 63 lots.
Matif Leads the Move Higher
Matif led the way higher, with Dec-26 jumping €6.00 to €236.50 on almost 68,000 lots and trading near the top of its €230.50-237.00 range. Mar-27 also gained €6.00 to €232.75 on similar volume, while May-27 added €5.25 to €230.50.
Across the pond, CBOT Dec-26 SRW was 7 cents higher at $5.99¾ at the time of writing, having briefly traded back above $6.00 to a high of $6.03¾.
Russian Export Hub Draws Attention
Bloomberg reported wheat futures jumped after a drone strike on the Russian Baltic port of Ust-Luga sparked a fire that injured three workers, according to Leningrad region Governor Alexander Drozdenko.
Ust-Luga has become an increasingly important grain-export hub as Black Sea attacks curb shipments from Russia’s main agricultural ports. It was Russia’s largest grain port in October, shipping 684,000 tonnes, more than a quarter of the monthly total. Chicago’s most-active wheat contract rose as much as 1.6% following the reports.
Focus Remains on Peace Talks
Meanwhile, markets continue to monitor US-led peace talks in Abu Dhabi, with Zelenskyy saying a Black Sea ceasefire would be discussed on Wednesday, although he was unsure “that Russia is ready”.
According to BBC reports, the talks ended “without a breakthrough”. Chicago front-month wheat was trading around 7 cents higher at the time of writing.
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