Today’s USDA September stock report pushed wheat higher, with all Wheat Stocks Down 18% year on year. Totalling 47.44Mt, US wheat stocks at the start of September are down 10.28Mt from 2020.The support for wheat markets pushed Chicago, Paris milling wheat and UK feed wheat higher, breaking above £200/t and making a new contract high.
US weekly net sales of just 290.1Kt for 2021/2022 were down 19% from the previous week and 30% from the prior 4-week average. Exports of 368.9Kt were down 27% from the previous week and 19% from the prior 4-week average.
USDA September corn stocks were down 36% from September 2020 at 31.4Mt, however, this is 1.26Mt higher than the USDA previously estimated.
Weekly net sales of just 370.4Kt for 2021/2022 were disappointing with exports of 676.2Kt, primarily to Mexico (262.2Kt) and China (140.4Kt).
US September Soybean stocks were down 51% year on year, with old crop soybeans stored in all positions on September 1, at 6.97Mt, 2.21Mt higher than the 4.76MT USDA previous ending stock estimate.
US weekly net sales of 1.1Mt for 2021/2022 were primarily for China (776.5Kt). While somewhat sluggish exports of 528.7Kt were primarily to China (292Kt).
Read the full USDA stocks Report Here
For the UK, and Defra released updated English area estimates, with an English wheat area of 1655Kha, up 30.8% year on year – Find the full Defra report here