Written Commentary
The Ghost in the Machine Q3 2025
October 6, 2025
London Wheat Report
London wheat looked to forge its own course today as it looked to deviate away from Matif wheat’s day of red. Volumes on May 26 were stronger as higher prices spurred on market participants.
U.S. President Donald Trump will meet with China’s President Xi tomorrow, reportedly at mid-morning Seoul time. The US leader reportedly stated that the US was “going to have a deal” with China and it will be “a good deal for both”. Eyes will be firmly on the headlines as results of the talks filter through into the market. The meeting comes just after China’s state-owned COFCO was reported to have bought three U.S. soybean cargoes, marking the country’s first purchases from this year’s U.S. harvest. After many US farmers backed Trump for his second term in office, the lack of Chinese buying has cost US farmers billions of dollars in lost sales. COFCO’s deal for the December-January shipment of about 180,000 metric tonnes of soybeans.
As the day progressed, the Chicago soybean futures contracts looked to fall as U.S. farmers took profits after prices climbed in the previous session to their highest level since July 2024. The recent day’s rise is beans and corn; also swept up with them were some of the other ag contracts, including Matif and even London wheat.
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