Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
London wheat Nov26 saw a chunk of volume go through, 150 lots between 190/191. A good proportion of the 345 lots of OI. The Nov25/May26 spreads tightens 1.50, settling at -10.80 on the day.
After a lower start to the wheat markets, the US wheat complex found support on the main session open which helped the European markets higher despite a weaker USD.
Last night the USDA dropped US spring wheat crop ratings 2% to 52% good/excellent and vs 77% last year, and estimated US winter wheat harvest near 73% complete vs 72% 5year average. The wheat bounce seems to be on talk of a slowdown in farmer selling especially in Russia. A cash squeeze in Russia is helping cash prices but with large world grain supplies this may limit the upside in wheat futures.
Argus was
out today forecasting a French wheat crop of 33.4mmt, up 30% from last year,
but still below the avg 2017-2023 level of 34.96mmt. The French farm ministry
last week forecast France’s soft wheat production at 32.6mmt.
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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