Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
A rare day of green on the screen for London wheat as all contracts finally edged upwards. Volumes were also stronger after a second day of large spread action as positions were moved from Nov-25 to May-26. This follows yesterday’s high volume of Nov-25/May-26 spreads, shifting open interest from the front month into 2026. Today, 576 lots passed through the exchange provided spread.
Matif wheat also edged up today, with benchmark futures recovering from previous contract lows. This follows Chicago wheat prices as they rebounded over doubts about Russian exports, and a rapid end to the war in Ukraine tempered expectations of large supplies. The Dec-25 MATIF wheat contract saw contract lows yesterday after several weeks of lowering prices. Rising estimates of Russia’s harvest and hopes that talks under the aegis of U.S. President Donald Trump will end the war in Ukraine had weighed heavily on global wheat markets over the past week, reinforced by expectations of ample global supply.
In other grains news, Chicago soybean and corn futures appeared to fall further today as market participants monitored results from a U.S. Midwest field tour that has initially confirmed strong yield prospects. The USDA WASDE last Tuesday provided support from the agency’s lower than anticipated projection of the U.S. crop, as well as dry weather in some areas, with soybeans more exposed to late-summer weather as they develop later than corn.
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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