Written Commentary
ADM Reports Second Quarter 2026 Results
August 4, 2026
ADMISI London Wheat Report: ICE Feed Wheat 08 September 2026
- ADMISI Grains Team
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London Wheat Report
Holiday Trading Conditions Result in Lower Wheat Market Volumes
With today being a dollar holiday, we were without the guiding light that is the US market, resulting in slimmer volumes passing through the exchange for both London and Matif contracts. Both London and Euronext wheat looked to edge higher throughout the day, reclaiming some of last Friday’s drop in price.
Managed Funds Move to Net-Long Position in CBOT Wheat
Last week saw hedge funds turn net-bullish on CBOT wheat for the first time in several months. This comes as market participants looked to bet on prices ticking up further as heat damage and shipping disruptions in the Black Sea and the Middle East continue to hamper the supply side. Money managers held a net-long position of 14,654 contracts in CBOT wheat in the week ended Sept. 1, according to CFTC data published this past Friday. This is their most bullish stance in more than four years, marking a swing of almost 29,000 contracts from the previous week’s net-short.
Black Sea and Weather Developments Continue to Influence Wheat Markets
The end of August saw wheat climb to multiyear highs as hostilities between Russia and Ukraine in the Black Sea escalated, disrupting shipments from the two countries that together account for more than a quarter of global wheat exports. In the background, ongoing tensions in the Middle East are hampering flows of fuel and fertiliser, exacerbating issues felt by farmers after a series of heat waves this summer hit grain yields across Europe.
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