Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
In anticipation of FND tomorrow on London wheat’s May-25 contract, there has been a flurry of activity with 228 lots trading, giving up £3.55. It appears the May-25/Nov-25 London wheat spread was also active today seeing 82 lots pass through, ending the day wider at -£20.00, down -£4.00.
A fairly subdued day on the Paris wheat May-25 contract with regards to volume; looking at the cumulative volume on the Sep-25 contract, the trader’s focus has evidently shifted to this. Yesterday evening saw MARS, the crop monitoring service, adjusting its view on the EU’s average soft wheat yield at 6.03 metric tonnes per hectare (t/ha) compared to 6.00 t/ha in its initial outlook last month. This revised forecast is up 8% when compared to 2024, when torrential rain in Western Europe damaged fields and led to the smallest French wheat crop since the 1980s. In its most recent report, MARS stated that both Spain and Romania are expecting above-average yields.
Further afield, soybean prices rose to a two-month high today, underpinned by expectations of a de-escalation in the U.S.-China trade conflict. Some of the most turbulent markets were somewhat calmed on the news that President Donald Trump said he had no plans to fire the head of the Federal Reserve and hinted at lower China tariffs. It is worth noting that China is by far the world’s biggest soybean importer, so any news pertaining to China tends to heavily impact these markets.
The Matif Commitment of Traders Report as of 18.04.2025:
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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