Written Commentary
London Wheat Report
Markets continue to look for some direction in the run-up to Thursday’s USDA WASDE report. Both London and Matif edged with the latter finding support at 200 EUR for September and both following the tails of Kansas and Chicago as crop conditions continue to slide. However, harvest is now well underway in the States at 11% complete. Corn traded both sides of unchanged and soybeans continue to trade lower.
EU soft wheat exports for the 25/26 season were reported at 22.05 mmts tons by June 7, up from 21.47 million the previous week and 7% above the same stage last year. Romania remains the leading exporter at 7.07 mmts, followed by France with 5.47 million. Poland, Germany and Lithuania make up the next 3 places. EU barley exports for 25/26 rose to 8.57 mmts, from 8.43 mmts last week an increase of 86% on the same period last year.
Rain forecast across Ukraine over the next seven days will support the development of spring grain crops but could be an issue for winter crops, according to the country’s largest farming union, UAC: “Risks of fungal diseases are beginning to emerge. For now, they are localised and are unlikely to affect national output, but if this weather persists, it could weigh on both grain volumes and quality,”
ANEC report Brazil’s soy exports at 14.38 mmts for June, up from their previous estimate of 12.36 mmts. Soymeal is reported at 2.31 mmts up from 1.65 previously.
Finally, in tender’s news, Jordan’s state grains buyer purchased about 60,000 mts of hard milling wheat at $275.20 &F from CHS.
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.
© 2026 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.
Latest News & Market Commentary
ADM & Industry News
The Ghost in the Machine Q1 2026
March 26, 2026
ADM Reports Q4 and Full-year 2025 Results
February 3, 2026
