Written Commentary
ADM Exceeds 5M Regenerative Agriculture Acreage Gal
September 9, 2025
London Wheat Report
Source: FutureSource
Turnaround Tuesday – yesterday’s move on the wheat markets seemed overdone and we back tracked today as a result, giving back some of yesterday’s gains. Corn and beans trade either side of unchanged, rapeseed takes a decent step lower.
USDA’s October WASDA is out tomorrow and will provide further direction. The focus will be on US soybean/corn production and export numbers, with some in the trade undecided about production numbers but the general consensus is for lower export numbers.
London wheat’s Nov22 / May23 spread has been under the spotlight recently as we approach the Nov22 first notice day and traders look to liquidate / roll their positions. This has widened quite considerably over recent weeks before a decent retracement yesterday. With interest rates up and inflation rampant, I wonder how will impact the traditional ‘£1 per month’ carry.
London wheat Nov22/May23 spread seen below:
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Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 02547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
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