Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
All eyes today were on Rachel Reeves as she announced her second budget where she has now raised taxes by an estimated £70BN. After the OBR ‘’accidently’’ released the budget early, the yield on Gov borrowing hit a high of 4.52% but cooled to 4.41%
Position adjustment leading up tomorrow’s US holiday for Thanks Giving seemed to drive the market today, as well as fresh Chinese bean buying giving the bulls something to cheer about.
Chinese have reportedly brought 10 cargoes of US beans since Tuesday. Equating to around 300M USD. This came after the two leaders spoke on the phone. Trump said he had pressed Xi to accelerate and increase Beijing’s purchases of U.S. goods during the call, and that the Chinese leader had “more or less agreed”. China paid around $2.3 per bushel over the January Chicago futures contract SF26 for shipments from Gulf terminals and a premium of $2.2 per bushel from Pacific Northwest ports, well above the prices for Brazilian soybeans, which are around $1.8 per bushel over the January CBOT futures.
According to market chatter, Turkey’s state grain board TMO has purchased about 300,000 metric ton of Russian milling wheat in a direct deal without issuing an international tender.
No US markets are
open tomorrow but return on Friday.
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