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.

A two-speed session that ultimately closed positive. London November 2026 gained £1.50 to £206.50 and Paris/Matif December added 0.75 euros to €239.00. Markets opened in the green before retreating mid-session as caution prevailed, then recovered into the close as the fundamental supply reality reasserted. The gap between political statements and ground-level reality continues to widen — Zelensky’s ceasefire offer was described by Putin as “exotic” and promptly rejected, while Ukraine simultaneously targeted Russian refineries and energy plants. Strikes continue on both sides of the Black Sea with flows from the region at a fraction of normal seasonal volumes.