Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
London wheat trading through a new barrier today as the Nov-25 contract traded below £170 (trading down to £169.05). Additionally, both the May-26 and Nov-26 contracts ended the day lower, following the general direction of Matif Wheat. Matif wheat saw strong volumes trading as nearly 80,000 lots went across the exchange for the Paris Dec-25 contract.
Earlier in the day, saw the news that China had announced preliminary anti-dumping duties on Canadian canola imports. This appears to be a fresh escalation in the year-long trade dispute that began with Ottawa’s imposition of tariffs on Chinese electric vehicle imports last August. As a result of the announcement, canola futures fell 6.5% to a four-month low after the announcement. Matif rapeseed was also caught up in the turmoil, with the front month trading down to 456.75.
The biggest news of the day came in the form of the USDA WASDE, with big crops expected for corn. In the most recent report, the USDA estimated the 2025 US corn crop at 16,791 mil bu vs 15,990 expected previously, stated as 15,705 in July. Wheat followed corn down in sympathy. Soybeans performed an impressive 180-degree shift, as it was reported by the USDA in its estimates that the world 2025/26 soybean end stocks will be 124.9 mmt vs 127.4 expected and 126.0 previously estimated in July.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Ryan Easterbrook, Aaron Stockley-Isted and Jamie Kirkwood
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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.
© 2025 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
Latest News & Market Commentary
ADM & Industry News
The Ghost in the Machine Q3 2025
October 6, 2025
ADM Exceeds 5M Regenerative Agriculture Acreage Gal
September 9, 2025
