Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
A flat end to London wheat today as all traded 2026 contracts ended the day just barely above yesterday’s levels. May-27, however, ended the day down £0.50 to £180.00. Matif wheat also ended the day flat on uninspiring traded volumes across the day.
The euro ticked down against the dollar across the day after a two-session rally that had pressured the EU wheat contract by making European grain more expensive for export. Brisk recent demand from major importer Egypt remained a market focus. Recently, talks of further sales of French wheat to Egypt have been tempered by signs that much larger volumes have been booked from Black Sea countries. This comes after estimates were announced that Egypt imported several hundred thousand tonnes of Russian wheat in January, and rumours surfaced that there was talk that Egyptian buyers were interested in Russian and Ukrainian wheat this week.
In the weekly produced EU data stream, this week showed that the bloc had exported 13.43 mmt of soft wheat since the start of the season. This figure is up 2% from a year ago; however, it is notable that some figures for some EU countries were still incomplete. In France, the agriculture ministry raised its 2026 sowing estimate for the country’s main wheat crop slightly, confirming its expectation of an expanded area compared with last year.
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