Written Commentary
The Ghost in the Machine: Q3 2026 Macro Outlook
September 28, 2026
ADMISI London Wheat Report: ICE Feed Wheat 07 October 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat Follows Broader Grain Markets Lower
A weaker day for London wheat as all traded contracts followed the wider grain complex lower. Just under 530 lots passed through the exchange, with the bulk of the volume in May-27, which slipped £2.25 to £216.00. Nov-26 eased £1.00 to £208.50, while Nov-27 dropped £2.75 to £203.00 on a single lot.
International Wheat Markets Under Pressure
Matif wheat also spent the day in the red, with Dec-26 losing €3.25 to €244.25 on over 53,000 lots, having traded as high as €248.50 earlier in the session. Across the pond, CBOT wheat bore the brunt of the selling. Dec-26 was down 18¾ cents at $6.85½ at the time of writing, wiping out all of Tuesday’s 12-cent gain and trading at the bottom of the day’s range.
Black Sea Developments Remain in Focus
With no fresh escalation in the Black Sea headlines, the market appeared to unwind some of the geopolitical premium built up at the start of the week. Turkey and the UN are still expected to host Black Sea truce talks this month, mediated by the Centre for Humanitarian Dialogue, although Russian Foreign Minister Sergei Lavrov has called a return to the 2022 agreement ‘completely unacceptable and unrealistic’.
Attention Turns to Planting Progress and WASDE
Elsewhere, US winter wheat planting continues to lag at 36% complete against a 46% five-year average, according to the USDA. Friday’s WASDE report remains the next major event for the market, and positioning ahead of the release may well have added to today’s selling.
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