Written Commentary
ADM Appoints Jeff Rowe as EVP and COO
July 20, 2026
ADMISI London Wheat Report: ICE Feed Wheat (27 July 2026)
- ADMISI Grains Team
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London Wheat Report
A slow day for volume on London wheat as the market continues to digest last week’s conflicting news out of the Black Sea, with 3 more vessels reportedly stuck early this morning and amid sharply lower crude oil values after the United States and Iran both paused military operations. Ags across the board followed the broader selloff, led by soybeans, which traded at 40c down not long after the open. Whilst the 14-day forecast shows some moderate improvement, temperatures are expected to hit 38C in the Western corn belt today. A USDA flash of 132,000 mts of soybeans to China and 126,000mts to unknown were not sufficient to stem the selling pressure.
EU’s MARS yield forecasts for winter crops have been revised downwards by 1–4 %, leaving the outlook for total cereals at 1 % below the five-year average due to repeated heatwaves which shortened the grain-filling phase of winter crops and brought forward the harvest, which has already been completed in the south and is progressing elsewhere. Yield forecasts have also been reduced for all spring and summer crops, most notably for grain maize and sunflower (6–7 %). Hot and dry conditions are forecast to persist in western Europe, increasing the likelihood of further yield reductions.
Corn harvest continues in Brazil’s Centre-South, with Agrural reporting 60% complete compared to 49% the week before and 68% a year earlier. Progress lost momentum in several areas due to the return of rain, particularly in Paraná, Mato Grosso do Sul, and southern São Paulo. In other producing areas of the Centre-South which enjoyed clear weather, the harvest “is already virtually complete in some regions of Mato Grosso”.
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