Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
Brazil’s soybean exports fall 18% on daily average in March amid shipping challenges. The decline in shipments comes during a peak export month for Brazil as the harvest advances. Brazilian soy farmers have harvested some 70% of their 2025/26 crops, according to consultancies AgRural and Patria Agronegocios in recent reports.
Australia and the European Union signed a free trade agreement on Tuesday after eight years of negotiations, removing tariffs on almost all goods and potentially easing EU access to Australian critical minerals.
Russia-focused agriculture consultancy Sovecon on Tuesday raised its 2025/26 Russian wheat export forecast by 1.1 million metric tonnes (mmt) to 46.5 mmt, citing stronger market conditions and improving demand.
Russia today imposed export restrictions on fertiliser as the fallout from the Iran/ US problems continue. The Russian Agricultural ministry announced certain types of fertilisers would be subject to restrictions, but later confirmed it would only be ammonium nitrate that being restricted to begin with.
Ags markets were mixed today with US wheat finding support whilst European wheat markets were in the red. Brent clawed back some of its losses from yesterday as traders were weighing up just how much Donald Trump’s announcement yesterday would continue to materialise.
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