Written Commentary
The Ghost in the Machine: Q3 2026 Macro Outlook
September 28, 2026
ADMISI London Wheat Report: ICE Feed Wheat 28 October 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat
London wheat again came under pressure today, with just over 470 lots trading as May-27 extended its slide. May-27 took the lion’s share of the volume, dropping £2.00 to £202.50 after trading in a wide £201.00-206.50 range, while Nov-27 also lost £2.00 to £193.00. The expiring Nov-26 continued to hold up better, edging £0.25 higher to £192.00 on just 17 lots and narrowing its discount to May-27 to £10.50.
Matif and CBOT
Matif saw a volatile session, with Dec-26 trading between €223.00 and €230.75 before sitting €1.50 lower at €227.00 on almost 88,000 lots, while Mar-27 lost €2.00 to €226.00. Across the pond, CBOT Dec-26 SRW broke below the psychological $6 mark, touching $5.93¼ before recovering to $6.01¼ at the time of writing, down 9 cents on the day on over 107,000 lots.
Black Sea Shipping Developments
The latest pressure came as Bloomberg reported that Russia’s Azov Sea port authorities had granted temporary clearance for grain vessels to leave the Temryuk and Kavkaz ports, citing two people familiar with the matter. The clearance window opened on Monday, with vessels ready to sail and crews in place able to apply for permission to leave, and at least one ship has already passed through the Kerch Strait into the Black Sea.
Supply Outlook
Supply-side pressure continues to build elsewhere, with Australian and Argentine production forecasts of 32 mmt and 23 mmt, respectively, both above USDA estimates. In the US, winter wheat planting reached 76% complete as of 25 October, just 1 percentage point behind the five-year average.
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