Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Another ‘good’ day for volumes on the Nov-25 London contract today, with market participants still making the most of prices last seen in mid-April. The May-26 contract also saw some volume pass through, following the same price trajectory as the Nov-25 contract – slightly down off yesterday’s highs. Matif wheat also had a day in the red across all contracts as it followed US wheat contracts further down.
The Chicago wheat contract fell today as a short-covering rally that took prices to a one-month peak over the past couple of days fizzled out. It was seen that there are limited threats to Northern Hemisphere crops despite news of recent adverse weather spells. Corn and soybeans also eased after three-day gains, with a steadier dollar, weaker crude oil and generally favourable crop conditions curbing the markets. After dropping to a near five-year low of $5.06-1/4 on May 13, concerns over adverse weather in Russia and China and an unexpected decline in U.S. wheat ratings triggered a wave of short-covering in the past week. However, latterly, market participants have seemingly become somewhat sceptical that both Chinese and Russian wheat crops have suffered significant damage. The US also was reported to be on track for a large harvest despite disease risks in some areas.
It was also reported today that Russia, currently placed as the world’s largest wheat exporter, has removed a minimum wheat price recommendation for its grain export traders until the end of the export season on July 1. The decision implies that grain traders can sell the estimated 3.6 mmt of wheat at a price below the recommendation. Eyes will be on upcoming wheat tenders to see just how low these prices will become.
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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