Written Commentary
The Ghost in the Machine: Q3 2026 Macro Outlook
September 28, 2026
ADMISI London Wheat Report: ICE Feed Wheat 02 Novmeber 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat
A thin start to the week and month for London wheat, with just over 250 lots trading across the exchange, almost all of it in May-27. The contract edged £0.50 higher to £203.00, having traded in a £201.25-203.75 range. Elsewhere, Nov-26 slipped £0.25 to £192.50 on just 3 lots, while Nov-27 fell £1.50 to £192.25 on 2 lots.
Matif and CBOT
Matif was similarly muted, with Dec-26 adding €0.50 to €228.50 on around 43,000 lots, while the deferred contracts eased, with Mar-27 down €0.50 at €227.50 and May-27 €1.25 lower at €227.25. Across the pond, CBOT Dec-26 SRW held its ground above the $6 mark, trading 2¼ cents firmer at $6.05¾ at the time of writing, within a tight $6.01-6.09½ range.
Broader Market Influences
The wider grain complex was weighed on by a sharp fall in crude oil, as Washington and Tehran indicated they are open to talks aimed at resolving the months-long Middle East conflict. Soybeans fell by as much as 1.4% to their lowest level since 25 August, with money managers also trimming bullish bets across the soy complex.
Demand Remains Evident
There were some signs of demand, however, with the USDA reporting a 1.73 mmt corn sale to Mexico, the ninth-largest daily export sale on record, alongside 136,000 tonnes of soybeans sold to China.
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