Written Commentary
ADMISI London Wheat Report: ICE Feed Wheat 04 November 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat
London wheat broke below the £200 mark for May-27 today, with just over 400 lots trading in the contract as it touched a low of £198.25 before recovering to £200.50, down £0.50 on the day. Elsewhere, activity was limited, with Nov-27 edging up £0.50 to £191.50 on 6 lots and May-28 trading 10 lots at £200.00, while the expiring Nov-26 failed to trade.
Matif and CBOT
Matif continued to drift lower, with Dec-26 losing €1.00 to €224.25 on around 37,600 lots within a €222.75 to €225.50 range, while Mar-27 eased €0.50 to €223.50. Across the pond, CBOT bucked the trend, with Dec-26 SRW 4¾ cents firmer at $6.04½ at the time of writing, having recovered strongly from an earlier low of $5.91.
Soybeans and Corn
The wider complex remained under pressure, with soybeans closing in on their longest losing streak in six years as US farmers wrap up harvesting a record crop. The USDA is set to update its figures next week. Soybeans fell as much as 1.3% to $11.98¾, the lowest since 17 August, while corn dropped to a four-month low before paring losses.
Demand and Macro Focus
Attention now turns to demand, ahead of an expected meeting between Trump and Xi Jinping later this month. China is on track to meet its 25 mmt US soybean commitment, but purchases of other crops have been limited despite a separate $17 billion pledge for agricultural products. Meanwhile, US midterm results saw the Democrats take control of Congress.
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