Written Commentary
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
London Wheat Report
European Union soybean imports for the 2025/26 season, which began in July, had reached 8.11 million metric tons by February 22, down 11% from the same period a year earlier, according to data published by the European Commission on Tuesday. European soft wheat had reached 15.38 million metric tons by February 22, compared to 15.11 million the previous week and up 10% from a year earlier. A breakdown of this season’s volumes showed Romania was still the largest EU soft wheat exporter with 4.93 million tons exported so far, followed by France with 4.23 million tons, Poland with 1.75 million tons, Lithuania with 1.74 million tons, and Germany with 1.17 million tons.
Russian wheat was supported in the past week as limited shipments and a stronger Ruble were to blame. Weather is hampering shipments, which means some importers have been buying grain shipped to Constanta, in Romania, and Varna and Burgas in Bulgaria, rather than from Russian ports, due to a freight advantage.
Russia’s southern regions are preparing for the spring sowing campaign, which is scheduled to start in March. Local reporters are sighting no significant weather threats are expected leading up to the sowing campaign and ice crust on some fields do not pose a serious threat at this stage’’. The same cannot be said for Ukraine where freezing temperatures across the country has led to deep soil freezing which could delay the start of the sowing campaign.
Soybeans saw yet another topsy turvy day today as traders cannot position themselves following the recent tariff fall out, 20 cent swings are here to stay for the time being. Bean oil continued to find support after recent buying speculation has brought new contract highs. Wheat continues to be indecisive and a perfect storm of some weather issues creeping in, uncertainty in the Middle East but the bumper crop worldwide continues to make markets jittery and have seen short covering of late from the funds who, since mid-January, have brought back 80K CBOT and 70K Matif wheat.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 02547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2026 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
Latest News & Market Commentary
ADM & Industry News
ADM Named to FORTUNE’s Most Admired Company List
January 23, 2026
The Ghost in the Machine Q4 2025
December 22, 2025
