Written Commentary
The Ghost in the Machine: Q3 2026 Macro Outlook
September 28, 2026
ADMISI London Wheat Report: ICE Feed Wheat 27 October 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat
A busy session for London wheat, with just over 810 lots trading across the exchange as the deferred contracts extended losses while the expiring front month bucked the trend. May-27 again took the bulk of the volume, slipping £1.25 to £204.50 after trading as low as £202.75, while Nov-27 lost £1.00 to £195.50 on 180 lots. Nov-26, by contrast, gained £1.75 to £194.00, narrowing its discount to May-27 to around £10.50 from £13.50 at Monday’s settlement.
Matif and CBOT
Matif staged a partial recovery after Monday’s sharp losses, with Dec-26 adding €2.00 to €228.50 on over 69,000 lots and regaining a small premium over Mar-27, which rose €0.75 to €228.25. Across the pond, CBOT remained under pressure, with Dec-26 SRW down 1.5 cents at the time of writing, having touched a fresh low of $6.10.
Black Sea Export Developments
Black Sea corridor optimism was tempered after Russian diplomat Alexander Alimov, while confirming Moscow is weighing proposals from various countries, including Turkey, said: “For now, I don’t see any prospects for reviving the grain deal.” Russian drones also reportedly struck cargo vessels bound for Ukrainian ports over the weekend, with Ukraine’s wheat exports since 1 July now down 43% y/y at 3.54 mmt.
Global Crop and Export Update
Elsewhere, US wheat inspections came in at just 183,800t, leaving the season down 32% y/y, while winter wheat planting reached 76% complete. Dry soils across Europe and southern Russia also remain a risk to winter crop establishment heading into 2027.
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