Written Commentary
ADM Reports Third Quarter 2025 Results
November 4, 2025
London Wheat Report
A lethargic start to the week for London wheat today which saw limited volumes passing through both May-26 and Nov-26. Matif wheat also suffered the same fate with a slump in volume being traded on screen. Prices for both London and Paris wheat were also somewhat uninspiring, with both ending the day somewhat flat.
The market to watch today was US soybeans with the announcement via the USDA that 132,000 metric tonnes of soybeans from the US had been sold to China. Market participants were seemingly not overly thrilled by this announcement, as in the US main session, prices fell heavily. There was also news today that China’s soybean imports reached their highest November level since 2021. This comes as full-year arrivals into China are set for a record amid strong purchases from South America and a U.S. trade truce. In the first 11 months of the year, China’s soybean imports rose 6.9% from a year earlier to 103.79 million tonnes.
News from further west, it was reported today that Ukraine’s wheat production could potentially increase to 23.9 mmt in 2026/27 from 23.0 mmt this season. This projection is initiated by a rise in planted area and improved early crop conditions. The wheat area in the country will reach 5.2 million hectares against 5.1 million harvested this year.
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