Written Commentary
The Ghost in the Machine: Q3 2026 Macro Outlook
September 28, 2026
ADMISI London Wheat Report: ICE Feed Wheat 19 October 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat Trading Sees Quiet Start to the Week
A quiet start to the week for London wheat, with just over 210 lots trading across the exchange. Unusually, Nov-27 saw the most activity, with 110 lots trading unchanged at £202.00. Nov-26 slipped £1.00 to £204.00 on just 31 lots, while May-27 eased £0.50 to £215.50, nudging the Nov-26/May-27 spread out to £11.50.
Matif and Chicago Wheat Futures Weaken
Matif followed suit, with Dec-26 losing €1.00 to €242.75 on around 39,000 lots within a narrow €242.50–245.00 range, having been turned away at €250 twice last week. Across the pond, Bloomberg reported wheat futures rising early on as Ukraine-Russia strikes stoked supply fears, but CBOT’s bounce to $6.66½ failed to hold, with Dec-26 Chicago trading down to 654 as a session low.
US Export Sales and Australian Crop Outlook in Focus
Pressure on US wheat persists after last week’s export sales of 320kt fell short of the 450kt expected, with importers continuing to buy hand-to-mouth ahead of the southern hemisphere harvest. Early crop tours in Victoria also point to a much larger Australian crop, with Rabobank forecasting 31 mmt of wheat.
Russia Wheat Exports and European Planting Update
Further east, Rusagrotrans sees Russia’s October wheat exports at 3 mmt, with around 65% moving through the Baltic, while Agriculture Minister Oksana Lut put this year’s wheat harvest at around 95 mmt. Closer to home, French soft wheat planting is only 15% complete, against a 21% average, while Bulgaria reportedly has 5 mmt of wheat ready to ship, but vessels are refusing its ports after recent drone strikes.
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