Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
At settlement, Dec25 Matif milling wheat stands at a £0.40 premium to Nov25 London feed wheat with spot FX rates. A bit of a head scratcher and when looking at the structure of the Matif COT, perhaps if we had some more fund activity on our London wheat contract, this wouldn’t be the case. The latest COT shows a non-commercial net short on Milling wheat of 267,743 lots (248,934 the week prior), whereas commercial participants extended their net long to 363,909 lots (244,903 the week prior). The size of the commercial long is likely a result of the distinct lack of farmer selling we are hearing about.
Chicago wheat was again on the defensive today, although made a resurgence on the back of news that Bangladesh has purchased 220kt of US wheat as part of efforts to cool trade tensions with Washington and reduce steep import tariffs imposed by the Trump administration.
Chicago soybean futures fell for the fourth consecutive session, weighed down by favourable weather across the US Midwest, sluggish demand and a lack of any progress with China trade talks.
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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