A powerful end to last week with London November 2026 closing Friday up £3.25 at £215.75 and November 2027 gaining £2.50 to £208.00. Paris/Matif December added 3.50 euros to €251.00. For the week as a whole the gains were extraordinary — November 2026 up £10.75, November 2027 up £6.00 and Paris December up 13.25 euros. The cumulative effect of Putin declaring talks fruitless, Egypt buying French wheat and Chicago reaching three-year highs on limit-up short covering has delivered the most significant weekly gain of the entire season.

An explosive session. London November 2026 surged £4.50 to £210.25 — breaking through £210 for the first time — and November 2027 gained £2.75 to £205.25. Paris/Matif December jumped 8.50 euros to €245.25. Chicago wheat hit limit up with new contract highs at their highest level in three years as funds scrambled to cover short positions — the market had been net short 26,000 contracts at the start of the week, and Putin’s bellicose speech triggered a violent and rapid short-covering rally.

A hesitant session with London November 2026 easing 75p to £205.75 and Paris/Matif December falling 2.25 euros to €236.75. The dominant bearish catalyst was the surprise visit of the US CIA chief to Russia — purpose and agenda unconfirmed — which markets interpreted as a potential peace signal, triggering the familiar pattern of long liquidation on diplomatic optimism. Chicago SRW briefly fell below $6.70/bushel before recovering to close slightly higher and is trading back near recent highs this morning — suggesting the market quickly reassessed the diplomatic significance of an unannounced intelligence visit and reverted to pricing the physical reality.