Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Source: FutureSource
US markets were closed today due to Independence Day.
European wheat markets were unsurprisingly subdued as can be imagined. Tunisia announced a tender for 100kt of milling wheat and 100kt of durum wheat. Kremlin was drumming home once again that they see no prospect of the grains deal being rolled over on Jul 17th, even after the EUs openness to allowing Russian Agricultural Bank access to SWIFT. Usual chatter here from them with the usual desire for greater concessions, including fert exports but they have been offered the ammonia pipeline to Odessa so who knows what the latest chat is.
Matif wheat was very much trading around the unchanged levels for most of the day, yo-yo-ing a bit but nothing too off piste really. London was trading lower for most of the day. Matif rapeseed was trading lower with Aug-23 pushing lower into the close, settling down €10.50 on yesterday at €449.50/t.
Contact the ADMISI Grains and Oilseeds Derivatives Brokerage team
Hanne Bell, Ryan Easterbrook, Dominic Enston and Aaron Stockley-Isted
Phone: +44 (0)20 7716 8477 or +44 (0)20 7716 8140 Email: intl.grains@admisi.com
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© 2023 ADM Investor Services International Limited3
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.
© 2025 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.
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