Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Day three of the London wheat spread seeing good volume; once again the Nov-25/May-26 spread is supporting volume through both contracts on screen. Prices ended the day once again in the green on London wheat following Chicago wheat’s continued rally that started yesterday. Matif wheat also ended the day in the green, whilst Chicago appeared to run out of steam, the upside limited by a stronger USD.
It was announced today that the International Grains Council (IGC) has raised its forecast for 2025/26 global corn production, largely reflecting an improved outlook for the U.S. crop. The IGC, in its monthly update, projected the global corn crop would reach a record 1.299 billion tonnes, up 23 mmt from its previous estimate. The U.S. corn crop was seen at 423.5 million tonnes, up from a previous projection of 398.9 million. This news did little to stop the CBOT corn contract from spending most of the day in the green. This can be seen owing to expectations of an increase in global consumption forecasted for the near future.
Reports from an annual crop tour of the Midwest today announced that corn yield potential and soybean prospects are significantly above average across Illinois and Western Iowa, though plant diseases could threaten final yields. Timely rains benefited crops in western Iowa but also promoted the growth of fungal diseases such as southern rust in corn and sudden death syndrome in soybeans, which tend to lower crop yields.
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
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