Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Grain markets couldn’t really make up their mind today, trading either side of the gain line, but favouring the downside with little fresh news to keep the bulls fed.
Temperatures in southern Russia are reportedly unseasonably high, but this news is quelled by some welcome rain in the forecast for the next few days and this has taken the edge off the wheat markets. Analysts have cut Russian wheat harvest estimates by around 10 MMT this month due to persistent dryness and bitter spring frosts.
Soybean and corn futures slumped today on the back of speedy planting progress in the U.S. Midwest. Winter wheat conditions slipped 1% to 48% good/excellent in line with expectations. Spring wheat plantings advanced to 79%, well ahead of the 5-year avg of 48%. Emergence is at 61%, vs 5-year avg of 52%.
Following 3 disappointing crops, India is poised to begin importing wheat again after a six year gap. They are expected to abandon a 40% tax on wheat imports this year, officials and other sources told Reuters. This could add some fuel to the demand side of the equation.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook, Aaron Stockley-Isted and Jamie Kirkwood
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 02547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2025 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
Latest News & Market Commentary
ADM & Industry News
The Ghost in the Machine Q3 2025
October 6, 2025
ADM Exceeds 5M Regenerative Agriculture Acreage Gal
September 9, 2025
