Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Another lacklustre day of trading across London wheat today as prices looked to remain firmly under pressure. Volumes were limited across both the May-26 and even more so on the Nov-26 contracts. This phenomenon was also seen across the Paris wheat contract, which looked to have a sluggish day also. US Ags were uninspired for the second day as traders await the first USDA WASDE since the US government shut down, due this Friday (14th Nov.). In addition, confusion surrounding China’s commitment to purchases of US agricultural products still swirled.
News today came as the Chinese state trader COFCO’s oilseed unit announced it has signed agreements to purchase Brazilian soybeans, soybean oil, palm oil and other agricultural products, with a total volume of nearly 20 mmt worth over USD 10 billion. This new statement so far makes no mention of purchases of U.S. farm goods. So far Beijing has made modest purchases of American agricultural products, including several soybean cargoes bought by COFCO as goodwill gestures seen over the past few weeks.
This absent recent Chinese buying prompted Chicago soybeans to fall for the first time in three sessions today. It has so far been 12 days since the last commitment from China to deal with US ags. According to a Reuters poll, the U.S. harvest of soybeans and corn was supposedly nearly complete as of the end of last week, with soybean harvesting 96% finished and the corn crop 92% complete.
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