Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Markets delivered a damp squib to start the week in London today, with volumes and prices competing to be the most uninteresting. Both the May-26 and Nov-26 contracts came off yet again, with the near-dated contract opening initially down below £170. Matif wheat wasn’t much more tantalising, although volumes through the Mar-26 contract backed up to stronger levels, not seen for some time.
The Paris wheat contract steadied across today after setting more contract lows after official news regarding an increased estimate of Australia’s harvest. The country raised its forecast for its ongoing wheat harvest by nearly 2 mmt to 35.6 mmt. The upward revision cemented expectations for a bumper harvest that will add to abundant global supply, also set to be swollen by a projected record crop in Argentina. In the global physical market, there have been reports of low selling by farmers who remain unhappy at market levels. This has, in some way, acted to support physical prices as merchants struggle to secure crops. In addition, there has been an ongoing debate regarding the Argentine crop quality after recent bad weather across the country.
There was more bearish news to add to the mix today, as it was reported via the Ukrainian deputy economy minister Taras Vysotskiy that Ukraine’s wheat harvest could rise to between 24 million and 25 mmt in 2026 from 23 mmt in 2025. This is the first official estimate of the output.
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
