Written Commentary
The Ghost in the Machine: Q3 2026 Macro Outlook
September 28, 2026
ADMISI London Wheat Report: ICE Feed Wheat 29 September 2026
- ADMISI Grains Team
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London Wheat Report
London Wheat Market Activity
A slim day of traded volumes for London wheat today, as all traded contracts opened the day down for the second time this week. Matif showed a similar performance before both contracts looked to edge higher later in the afternoon. London ended the day slightly firmer across the board.
European Commission Trade and Export Data
Bloomberg reported today that the European Commission has at present ‘no discussions planned’ with Ukraine to renegotiate export quotas under the current Deep and Comprehensive Free Trade Area (DCFTA). In the same article, an EC spokesman stated that ‘trade data so far shows tariff-rate quotas are fair and balanced’. The EC also reported today on its website that the bloc’s soft-wheat exports in the season that began July 1 reached 6.8 mmt. The same report also showed that barley exports had declined 39% y/y to 1.9 mmt.
CBOT Trading and USDA Report Focus
Across the pond, which looked to set the tone for the start of the trading day, saw CBOT grain futures looking somewhat mixed, with corn and wheat turning lower. A lack of substantive deliverables from last week’s U.S.-China summit appears to be keeping a firm lid on grain prices. This coming Wednesday’s quarterly stocks report from the USDA will be the next big potential source of news, which some analysts think could be a surprise mover of futures later this week.
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