Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
Another week with yet another volatile undertone from the opening bell. Global markets were choppy once again this week following on from the previous week’s Middle East tinderbox. London wheat, in line with the rest of the global ag markets, fell today after the news that President Trump was postponing any air strikes for 5 days on Iranian energy sites. This led Brent crude to briefly dip down to 96 USD on the front month, dragging with it most global markets.
Trump’s comments which appeared to the world in the shape of a Truth Social post, also referred to productive talks with Iran, sent oil prices tumbling as investors saw a sign of de-escalation in the three-week U.S.-Israeli war with Iran. Iranian, however, looked to refute the fact that any such talks took place with Washington which in turn curbed the slide in crude.
Closer to home, it was today announced by crop monitoring service MARS that they expect that European Union’s average soft wheat yield will reach 5.98 tonnes per hectare (t/ha) this year, a figure 5% lower than in 2025. Conditions have so far been favourable with FranceAgriMer reporting 84% of French winter wheat in good-to-excellent condition.
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