Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
Stronger volumes on London wheat’s May-2026 contract today as prices breached £180 for the second day in a row and only the third time since the end of August. Market participants acted with gusto, trading over 650 lots of the May contract. Matif wheat also looked stronger for the second day, willed on by Chicago near-month rises.
European Union soft wheat exports so far this season, as reported by the European Commission, jumped by almost 1.8 mmt last week as the figures were seen to finally incorporate a chunk of missing data for top EU wheat producer France. That was 4% below the year-earlier level, compared with a 21% lag a week ago when vast amounts of data were missing. France has now reinstalled itself as the biggest EU soft wheat exporting country so far this season with 2.61 mmt. The EU Commission were still prominent, however, with their repeated note indicating that cereal export figures for France were still not complete since the start of calendar year 2024, adding that export data for Bulgaria and Ireland were not complete since the beginning of marketing year 2023/24.
Across the pond, the Chicago soybean contract looked to fall heavily today from a 16-month high hit in the previous session as market participants looked for long-awaited Chinese purchases of U.S. cargoes following last week’s trade truce agreed by the world’s two largest economies. For the second day, wheat looked to gain yet more ground to set a new three-month peak. This comes as rumours continued to swirl surrounding Chinese interest in U.S. wheat, thus encouraging investors to cover short positions.
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