Written Commentary
ADM Named to FORTUNE’s Most Admired Company List
January 23, 2026
London Wheat Report
In the MY 2024/25, exports of the US soybean complex grew significantly due to rising global demand, expanded market access, and competitive pricing. According to the U.S. Soybean Export Council (USSEC), total shipments of soybeans, soybean meal, and soybean oil reached 68.7 mln tons, up 13% from the previous year and 2.9% above the five-year average. The total value of exports amounted to $29.6 bln.
AgRural consultancy has raised its forecast on Brazilian beans from 180.4M tons to 181MMT. Expectations remain for a bumper crop continue, but hot, dry weather in Rio Grande do Sul state “needs to be monitored closely.” The harvest has hit 4.9% of the 2025/26 crop. The same consultancy also increased its Corn outlook slightly.
Bad weather in the Black Sea has caused Russian wheat export prices to rise for the second week running. The price of Russian wheat with 12.5% protein content for free-on-board (FOB) delivery at the beginning of March was $229.0 a metric ton at the end of last week, up $1.50 from a week earlier.
Wheat traded down today after Friday’s short covering took the market higher. While weather issues are starting to gain some traction, these are currently unable to outweigh abundant global wheat supplies. May6 London traded to contract lows of £166.50.
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