Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Speculation of a US strike on Iran is mounting today amid reports Donald Trump has sent more than 40 military jets to the UK and Europe, and closer to striking distance of the Middle East – after the US President warned he would accept nothing less than total surrender from Iran. Brent up over 2%.
France’s farm ministry on Tuesday forecast a strong rebound of the country’s 2025 winter barley and rapeseed production from rain-hit crops last season. In its first projections for this year’s harvest, the ministry projected the French winter barley crop at 7.8 million metric tons, up 13.5% compared with last year but below the average of the last five years due to a drop in area. The winter rapeseed crop would reach 4.2 million tons, up 9.4% from 2024. The ministry did not give an estimate for the five-year average for the rapeseed crop.
According to the US Department of Agriculture’s weekly crop progress report, the condition of the US corn crop improved last week, with 72% rated as good to excellent. This matches the rating from the same time last year and is one of the best ratings for this time of year since 2018. However, soybean conditions declined, with 66% rated as good to excellent, down from 68% the previous week. Soybean planting is nearly complete, with 93% of the crop planted, although this lags behind the five-year average of 94%.
Grains were supported in today’s trade with wheat leading the way. Chicago found support as the day went on, which in turn took the European market with it. The main Chicago session traded into double figure gains. London found support but was relatively quiet with around 200 lots crossing the line.
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