Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
THE US EPA’s Aaron Szabo said today the Agency will send its proposal for the new biofuel blending mandate volumes to the White House today, and the announcement will follow at the end of March following its finalisation.
The Soybean market continues to yo-yo around. A strong start on more hopes of Chinese being announced was followed by yet another fall after no sales were to be seen in today’s purchase and sales. The afternoon told a different story, and the market gained yet more support. Like yesterday 20 cent swings are here to stay…
Agricultural consultancy Sovecon has trimmed its 2025/26 Russian wheat export forecast by 0.3 million metric tons to 45.4 million tons, citing reduced competitiveness of Russian wheat compared with supplies from the European Union. At the same time, Sovecon raised its 2026/27 Russian wheat export forecast by 2.1 million metric tons to 41.7 million tons.
There was a notable chunk bought by the funds in the latest round of the MATIF COT, the latest report released showed funds bought 42K contracts in wheat, which took their overall short from -124K to short 82K contracts.
The UK wheat market was a bit quiet, with the mixed weather keeping things uncertain. London’s volume was low, and markets took a small hit again. The May-Nov carry being stuck in that £6-£7/t range and is going to need to shift to move old crop stocks.
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