Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
A day of red to start the week with all near-dated traded London wheat contracts ending the day down on Friday’s close. The exception to the rule was the 2027 expiries (both May-27 and Nov-27 ending the day fractionally higher, albeit carried on slim volumes). The May-26 London wheat contract saw new contract lows today (£166.05), almost a year to the day that saw the contract’s highest traded price (18 Feb 2025 – £207.75). Matif wheat also ended the day further into the red, following the global theme downwards.
Matif, the main European wheat futures contract, ended the day at its lowest in more than a week as a stronger euro dented export prospects and concerns about cold weather damage to northern hemisphere crops subsided. The euro rose against a broadly weaker dollar, making European grain more expensive for export at a time of strong competition from the Black Sea region and Argentina. Recently reported warmer weather in Germany continues to ease fears about winter damage following double-digit frosts at the beginning of the month. However, it has been reported that canals in north and central Germany were often still frozen, disrupting inland waterways shipping.
Further west, CBOT wheat looked to be choppy today as market participants squared positions ahead of the U.S. Department of Agriculture’s world crop and inventory reports due tomorrow. Increased demand from importers and bad weather in ports supported export prices for Russian wheat last week, offsetting forecasts of a strong new harvest.
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