Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Finally a day of STRONG volume through London wheat. It would appear market participants like these slightly higher prices on screen, prompting over 450 lots to go through the Nov-25 contract, gaining £2.80 on the day. May-26 also saw a late flurry, gaining £3.00 today. Matif mirrored this also with strong volumes going through and green across all contracts come the end of the session.
Yesterday saw the news of crop concerns and resultant short covering amplified by a weak dollar after cautious Fed remarks. Today saw a similar scene with US ags having another strong day across the board. China has also seen dry weather threaten crops, especially in the wheat-producing region of Henan. Yesterday also saw news of frosts across the grain belt of Russia; however, the agricultural consultancy Sovecon has actually raised its 2025 Russian wheat production forecast to 81.0 mmt from 79.8 mmt, citing improved weather conditions in recent weeks. Russia, the world’s biggest wheat exporter, harvested 82.6 mmt of wheat in 2024 when crops were severely hit by adverse weather. Time will tell if we see a similar yo-yo-ing of bullish/bearish news stories coming from Russia again this year. It was reported by Sovecon that it estimated total grain production in 2025 at 127.6 mmt, largely up from the 125.9 mmt seen last year. It is noted that the Sovecon figure does not include the harvest from Russian-controlled regions of Ukraine.
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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