Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
There was little fresh news in the Ags space today to really give the markets any direction and with the US markets shut for Juneteenth holiday today, the European markets were left to their own devices. London had a mixed day today after a buying spree on the open pushed the November up £1.50 on the open. London in the green was short lived after Matif opened down and then traded over a euro less than last night’s settlement all morning. The afternoon was a different story, matif turned green and was supported throughout until the close. London volumes were not too bad considering there were no US markets open.
US markets reopen tomorrow and it will be interesting to see if the buying spree continues. If there are no escalations from the Middle East overnight, perhaps the market will trade back on fundamentals as opposed to war premium/ short covering.
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