Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Global ags markets were in the red today, with most giving back yesterday’s gains. Soybeans edged down on Wednesday after climbing to their highest point since June 2024 in the previous session after Chinese buying announcements gave the bean market some welly yesterday. Wheat and Corn were trading down in the main session after starting the day positively. A further sale was announced today where USDA Says 330,000 Tons of Soybeans Sold To China In 2025-26 but this couldn’t drive the market upwards.
S&P Global Energy projected, in a note sent to clients, that U.S. farmers would reduce U.S. corn plantings in 2026 by 3.8% compared to 2025 while increasing soybean plantings by 4%.
EU soft wheat exports, which had been lagging due to missing French data, are now matching last year’s volume, European Commission data showed. Since the start of the 2025/26 season in July, EU soft wheat exports had reached 9.05 million metric tons by November 16, compared with 9.09 million at the same point last year.
The latest Matif COT traders released this afternoon showed funds adding to their short position in wheat by a further 25K contracts.
Source: ADMISI
Ukraine announced today that it would not restrict exports in 2025/26 July-June season due to a higher harvest and lower export rates at the beginning of the current season. Ukraine harvested 22.6 million tons of wheat in 2024 and exported 15.7 million tons of the commodity in 2024/25. The economy ministry data showed that the country had exported 6.8 million tons of wheat so far this season versus 8.6 million at the same period a season earlier.
There were also rumblings today that there could be a truce in place between Russia and Ukraine before the end of the week, which is something to keep an eye on. Just how much war premium remains in the market is likely to be minimal.
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