Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Slightly stronger volumes across London today, with the May-26 contract trading just shy of 300 lots. Prices looked ever so slightly stronger, with all traded contracts gaining over a £ on last night’s settlement. The Paris wheat contract echoed London wheat’s slightly more bullish sentiment, but volumes through the exchange were still limited in scale.
It was reported today that the European Union has struck a ‘provisional’ deal to set tighter controls on imports of farm products resulting from a planned trade agreement with the South American bloc Mercosur. This comes as critics have raised concerns over any deal impacting domestic suppliers. The EU and the bloc of Argentina, Brazil, Paraguay and Uruguay concluded negotiations this time last year to create the EU’s ‘largest ever trade accord’ in terms of tariff cuts, some 25 years after negotiations were launched.
Further afield, the Chicago wheat future contracts looked to have found their footing across the day, but remained resolutely near eight-week lows after it was reported that China had cancelled wheat purchases from the United States. Both US wheat and soybean prices have slumped about 10% from highs last month.
Finally, agricultural consultancy Sovecon has reportedly raised its 2025 Russian wheat crop forecast by 0.2 mmt to 88.8 mmt, adding yet more fuel to the global S&D bearish fire.
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