Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
Tariff chatter continued today after the Supreme Court ruled against Trump on Friday. The EU have said they will accept no increase in US tariffs and the Commission, which negotiates trade policy on behalf of the 27 EU member states, said Washington must provide “full clarity” on the steps it intends to take following the court ruling.
Washinton have announced Trump will travel to China at the end of next month with the aim of the trip expected to revolve around extending a trade truce that kept both countries from further hiking tariffs. Beans had a mixed session today on the back of uncertainty just what the Supreme Court ruling means for the China/US relations.
Brazilian farmers had harvested 30% of their 2025/26 soybean crop as of last Thursday, agribusiness consultancy AgRural said on Monday, up 9 percentage points from the previous week but below the 39% reported a year earlier. This is the slowest pace since 2020/21 harvest.
Ukraine’s wheat harvest may grow by 2.9% to 23.1 million metric tons in 2026 due to an increase in sowing acreage and despite a decline in yield, the UCAB agricultural lobby and the economy ministry said over the weekend. The sowing area has increased by 4.8% to 5.1 million hectares, but the expected 1.7% decline in yield may partially reduce production, UCAB and the ministry said in a joint report. Wheat exports in the 2025/26 July-June season could rise to 17.6 million tons from 15.8 million tons in 2024/25.
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