A positive session for nearby contracts with London November 2026 gaining £1.25 to £205.25, though May 2027 fell £1.25 to £211.25 and November 2027 eased 75p to £202.25 — the spread between contracts narrowing as near-term supply anxiety reasserts over the medium-term picture. Paris/Matif December gained 3 euros to €239.00. The rebound came after seven consecutive down days — a technically significant reversal driven by Saudi Arabia returning to the wheat market with a 535,000 tonne tender for November-December shipment. After the September 7th cancellation disappointment, sovereign demand returning at scale is a meaningful price signal.

A difficult session. London November 2026 fell £2.75 to £208.25, November 2027 down £2.00 to £204.00, and Paris/Matif December shed 3.25 euros to €240.50 — approaching the key €240 support level. The driver was familiar — reports of possible limited ceasefire on energy and grain infrastructure between Russia and Ukraine, prompting another round of fund long liquidation. Five years into the conflict, diplomacy has consistently failed to deliver and yet each new rumour still moves the market. The Euronext December wheat contract is testing significant technical support at €240 — a level that will be closely watched today.

A very quiet session. London November 2026 eased 25p to £211.00, November 2027 down 80p to £206.00, and Paris/Matif December unchanged at €243.75. The UN General Assembly in New York is attracting market attention with Zelensky and the Russian foreign minister both present and meetings with US representatives scheduled — but no concrete outcomes have emerged yet on the Black Sea or energy situations. Markets are in a holding pattern, waiting for Thursday’s Xi-Trump meeting to provide fresh direction.