Written Commentary
ADM Reports Second Quarter 2026 Results
August 4, 2026
ADMISI London Wheat Report: ICE Feed Wheat 09 September 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat and Matif Track Volatile Session
A mixed day today for London Wheat, with contracts initially trading firmer (Nov-26 trading £217) before markets softened into the afternoon. Matif followed a similar route, mirroring CBOT wheat’s rollercoaster day.
Black Sea Export Outlook Weighs on Market Sentiment
The day’s market moves were largely attributed to news once again originating from the Black Sea region. Russia’s 2026-27 wheat exports are seen to be 41.4 mmt, SovEcon says in an emailed statement, down 3.2 mmt from a previous estimate, with exports from the country’s Black Sea terminals upended. The country’s September wheat exports are seen near 2 mmt. SovEcon stated that it “does not expect navigation in the Azov-Black Sea region to normalise in the coming weeks, although some recovery later in the autumn remains possible”.
Novorossiysk Grain Terminal Damage Reported
This comes as reports that one of the three grain terminals at Russia’s Novorossiysk port was damaged in an overnight Ukrainian drone attack last night, further adding to concerns over export disruptions from the Black Sea region. The damage to the terminal has, however, been deemed to be “not critical”. The NZT terminal is one of Russia’s largest grain terminals. It has been documented to have the capacity to handle as much as 8.5 mmt of cargo a year and store about 200,000 tonnes in its silos.
Markets Await Friday’s USDA WASDE Report
Global markets are awaiting the USDA’s WASDE, due to be released this coming Friday.
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