Written Commentary
ADM Exceeds 5M Regenerative Agriculture Acreage Gal
September 9, 2025
London Wheat Report
Selling continues across the Ag. space as we enter the new week with prices lower across the board. The lack of a trade deal with China, favorable weather in South America combined with Argentina suspending their grain export taxes until the end of October all weighing on commodity prices.
Wheat is back on the defensive with Chicago wheat leading the way, Dec25 Chicago trading down 12 at the time of writing. Chicago Dec25 premium to Dec25 corn fell to a new low today, briefly trading under $.90 bu.
IKAR is reporting Russia’s export price for wheat actually rose $3 ton last week to $228/mt. SovEcon estimates Russia will export 4.2 mmt of wheat in Sept.
Argentina’s
government is suspending export taxes on all grains and by-products, for more
than a month in order to boost sales and the supply of dollars. This
significantly eases the tax burden for exports from a prior level of 26% on
soybeans, 24.5% on soy oil and meal derivatives and 9.5% on corn and wheat. The
measure will come into force tomorrow and last until October 31, or until it
reaches an amount equivalent to $7 billion in declared exports by companies.
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