Written Commentary
The Ghost in the Machine: Q3 2026 Macro Outlook
September 28, 2026
ADMISI London Wheat Report: ICE Feed Wheat 13 October 2026
- ADMISI Grains Team
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London Wheat Report
Harvest Progress Remains the Key Market Focus
London wheat struggled to find direction for much of the day but finished modestly in the black compared with MATIF, which closed 2.25 higher on the December contract. Markets shrugged off news of further vessel attacks off the coast of Bulgaria, and focus remained on harvest progress across the Midwest. Yield reports continue to come in better than expected across the western Corn Belt, while results remain uneven in Illinois and Iowa.
EU Trade Flows and French Crop Outlook
The European Commission reported that EU soft wheat exports in the season that began on 1 July reached approximately 8 MMT, with leading export destinations including Saudi Arabia, Nigeria and Algeria. However, barley exports declined 42% year-on-year to 2.1 MMT, while corn imports rose 29% to 6 MMT. Meanwhile, France’s agriculture ministry reported that the French corn crop is estimated at 7.3 MMT, down from a September estimate of 8.1 MMT, due to the impact of successive heatwaves and persistent drought.
Attention Shifts to Southern Hemisphere Conditions
Focus will soon turn to Southern Hemisphere weather, where good rainfall in Brazil last week boosted soybean planting to 15% complete, compared with 14% a year ago, according to AgRural. Summer corn planting is 44% complete in the Centre-South region, up from 38% a week earlier and compared with 45% a year ago.
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