Written Commentary
ADM Exceeds 5M Regenerative Agriculture Acreage Gal
September 9, 2025
London Wheat Report
Good volume through the London wheat contract today, in no small part owing to the Nov-25/May-26 spread, which saw 511 lots go past the exchange. The London wheat contract also seemed able to avoid the worst of the continued bearish sentiment that seemed to affect the Matif and Chicago wheat contracts.
Across the pond, the Chicago soybeans and corn were seen to ease today as market participants squared positions ahead of the U.S. Department of Agriculture’s global supply and demand report due this coming Friday. It is expected the agency will trim U.S. soybean and corn yield forecasts, though production is still projected to remain historically large. In its previous outlook, the USDA pegged corn output at a record high and soybean harvests at bumper levels. Further south in Brazil, the world’s top soybean producer, soy exports are seen at 7.43 mmt in September, up from 6.75 mmt a week earlier, according to Brazil’s grain exporters’ association.
On the topic of soybeans, it has been reported today that U.S. farmers are missing out on billions of dollars of soybean sales to China halfway through their prime marketing season, as stalled trade talks halt exports and rival South American suppliers step in to fill the gap. Chinese importers have booked around 7.4 mmt of mainly South American soybeans for October shipment, covering 95% of China’s projected demand for the month, and 1 mmt for November, or about 15% of expected imports. This remains to be an ongoing project for Trump, who was eager to bolster US Ag sales to China back to pre-tariff levels.
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