Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
A busier start this morning on London wheat made way for a quieter afternoon as the US main session opened the floodgates on prices, resulting in both European and US contacts falling dramatically before recovering into the evening. A similar volume through both the May-25 and Nov-25 as yesterday, with volumes still somewhat thin.
It was today reported that EU soft wheat exports since the start of the 2024/25 season in July had reached 13.65 mmt by February 23, compared with 13.33 mmt the previous week and down 36% from a year earlier. Similar to previous reporting of these figures, grain export data for Italy has not been complete for the past 11 weeks, in addition to data for France also missing since the beginning of 2024. Competition from Black Sea supplies and a poor harvest in France have curbed EU exports this season, though the trend has been amplified by the missing data.
U.S. corn futures edged down today as improving crop weather in South America and expectations of increased planting by U.S. farmers encouraged profit-taking following last week’s 18-month high for prices. Chicago wheat tracked corn lower, with pressure also coming from easing concerns about cold weather damage to U.S. and Russian crops. The hotly anticipated U.S. Department of Agriculture conference later this week will see the USDA giving early supply and demand projections for next season; as such, more volatility to come.
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
