Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
A day of lower volumes across all London wheat futures today, with the front month losing a further £0.55. Nov-27 also saw its opening gambit with the contract trading for the first time at £193.00. Matif wheat looked somewhat directionless today, following an equally undecided Chicago wheat as it looked to steady its fall post-WASDE yesterday. As released yesterday, the US corn crop is indeed large. The 188.8 yield would be by far a record; in addition, add in over an additional 2.0 million acres planted, and the potential swells yet further. Wheat has a habit of following corn, so time will tell if any future drops in corn will pull wheat lower.
Today, Chicago corn edged somewhat higher, as it steadied after a more than 3% drop in the previous session post the USDA report, which shocked the market with its projection of a record U.S. crop well above trade expectations. Chicago wheat was little changed after setting yet another five-year low in today’s session. A record U.S. harvest is set to further bolster global supply as Brazil wraps up a bumper second annual corn crop, while in Ukraine, another major exporter, expectations are rising for this year’s corn production.
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
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