Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
A few more lots through the exchange for London wheat today, with the Nov-25 contract pushing over the 400-lot mark for the first time in a while. Prices were not so buoyant, however, with the contract giving up £2.20 on the day. Both May-26 and Nov-26 also suffered from lower prices, with the two contracts giving up £2.00 and £1.25, respectively.
After a copy start, Matif wheat also ended the day in the red across all contracts, following Chicago wheat yet lower, as all Northern Hemisphere contracts continue to feel the pressure from the wheat harvests that are accelerating at speed. The bearish feel was not altered as the European Commission today trimmed its forecast for usable production of soft wheat in the European Union in 2025/26 to 127.3 mmt, down from 128.2 mmt previously touted. In S&D data, the EU kept unchanged its forecast for the EU’s 2025/26 soft wheat exports at 29.8 mmt, in line with their previous report.
Additionally, there is a smattering of more bullish news from Ukraine, as torrential rains across the western, northern, and central grain-producing regions of the country have significantly slowed the harvest. The weekly report from Ukraine’s largest union of agricultural producers said the pace of harvesting early grains and oilseeds was more than three times slower than a year earlier. It has been forecast that more rain is due this week, meaning potential further stoppages to the harvest once again.
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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