Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
Happy Monday! West Ham once again put a damper on an already wet weekend! The less said about that the better.
British Steel plans to close down its blast furnaces in Scunthorpe, putting up to 2,000 jobs at risk. Huge explosions have been heard across northern Gaza as intense bombing continues – with Israel saying it has hit 450 “targets” in the past day. Reportedly, world debt is now around $225 trillion.
Oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional *voluntary* oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets. The Saudis confirmed they would continue to cut 1 million barrels per day. Brent trading up 1.7% @ $86.34 a barrel at the time of writing.
CFTC report showed Money managers were net sellers of a whopping 44,000 lots of corn last week, take the managed position to short 144K lots.
Agricultural MM overall were net sellers of 38,860 contracts last week extending their short position 60,515 contracts their largest short position in 6 months.
Below shows overall positions held by MM to date, in comparison to years dating back to 2020.
Chicago soybean were the ones to watch today. Futures hit their highest level in some eight weeks on Monday as adverse weather threatened crops in top exporter Brazil, expected demand for U.S. supplies and a weaker dollar also helped to support the market. Jan 24 was trading nearly 20 cents in the pre-session before falling sharply on the open of the main. At the time of writing, Soybeans F4 were trading up 16 cents @ 1368.
Unsurprisingly, the strong Sterling of late has strangled any gains for London wheat futures today, as imports of cheaper EU feed wheat became more affordable. Matif EBM trading in the red also did nothing to give London any support. May 24 was trading down all day between £197.95 and £200.15. Volumes were poor with around 160 lots crossing the finish line. Nov 24 had some trade between £207 and 208.
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
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. 2547805, 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.
© 2023 ADM Investor Services International Limited3
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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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