Written Commentary
ADM Reports Second Quarter 2026 Results
August 4, 2026
ADMISI London Wheat Report: ICE Feed Wheat (05 August 2026)
- ADMISI Grains Team
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London Wheat Report
Stronger volume through the exchange on London wheat today as north of 700 lots passed through the exchange across all traded expiries. Prices were seemingly disconnected to the global theme initiated as ever by the Chicago wheat contract, with London ending the day all but flat.
It was reported (04.08.26) by The Energy and Climate Intelligence Unit that Britain’s cereal harvest is on track to be the worst since comparable records began in 1984. England saw its warmest June on record and the UK its second warmest, while England and Wales experienced their driest July on record, according to Met Office data.
The Intelligence Unit said the tough growing conditions may have knocked as much as 2.5 mmt off Britain’s cereal and oilseed harvest compared to earlier forecasts, costing UK arable farmers up to £390 million in lost revenue. The report cited provisional yield estimates produced by the AHDB which suggest wheat, spring barley and oat yields will all be down, with the estimated wheat yield well below the ten-year average at 6.8 tonnes per hectare.
Finally, looking further east and the reason for much of the recent market choppiness, a further surge in attacks on ships, ports and export terminals in the Black Sea has continued to disrupt global supplies of grain and oil. Russia, the world’s largest wheat exporter, and Ukraine, also a major agricultural exporter, have intensified attacks on each other’s agricultural export facilities and commercial vessels in the Black Sea area in recent weeks. Kyiv has also ramped up attacks on tankers involved in Russia’s oil trade, keeping the upward pressure on both the energy and grains markets.
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