Monday Market Briefing - 3rd November 2025

Markets had their best week in ages, with May26 LIFFE posting a £4 gain on the previous weeks close - relatively modest perhaps but in a market so starved of positivity it felt important. The action was sparked by optimism around Trumps meeting with Chinas President Xi which did finally take place on Thursday. We then spent two days cutting through Trumps self-aggrandising hyperbole to ascertain what, if anything, had actually been agreed. In short, it does appear to be a normalisation of relations between the two States which will lead to a welcome resumption in trade of agri-products. Soybeans were centre stage initially but there were rumours of China returning to the European barley market as well.

Of course, in the six months since tariffs were introduced, China has completed a large amount of business from other origins to replace US supply, so trade flows will remain disrupted for quite a while whatever happens now. Nevertheless it was notable that markets held onto their gains on Friday after a busy week of renewed farm selling, so there will be good opportunities still on the table as we go into a fresh week. UK trade is mainly for Jan-Jun 26 positions now but we do still have room pre-Christmas for some malting barley and feed wheat.

Have a good week.