Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
A strange start to the week, where the global markets were on fire, and many were left scratching their heads as to why. The news and currency didn’t seem to give any insight into why there was so much green on the screen. There was an attack on Kharkiv, but there wasn’t any major damage. War premium in this market seems a thing of the past.
Chicago wheat and beans were leading the charge. Wheat was trading up 18 cents and beans up 30 cents at the time of writing, respectively. Bargain buying could be the reason after Friday’s losses, with the WASDE report driving markets down.
A bullish story from the world of corn that did show Corn inspections at 81 mil. bu. This was above expectation. They were also well above the 59 mil. needed per week to reach the revised USDA forecast. Last week’s inspections were revised up by just over 2 mil.
The USDA on Friday released a report showing the cumulative flash export sales that took place during the course of the government shutdown, which showed Chinese purchasing of U.S. soybeans. The USDA is amending that report Monday, releasing correction that says one of those sales “The initial announcement… listed the sale of 232,000 MT of soybeans to China on 11/03/2025,” the USDA says in its correction. “The correct quantity is 132,000 MT, as 100,000 MT has been cancelled.”
Brazil’s soybean planting for the 2025/26 season reached 71% of the expected area as of last Thursday, up from 61% a week earlier, but lagging the 80% seen the previous year due to the persistence of irregular rainfall, consultancy AgRural said on Monday.
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