The USDA quarterly stocks report, which was released on Thursday, pushed wheat markets higher as stocks came in below expectations and cuts were made to wheat production in the US.

The report outlines that wheat stocks as of 1 September are estimated at 48.43 million tonnes (Mt), far below expectations prior to the report. For context, the Dow Jones survey had expected 50.54Mt.

US wheat production was cut 1.36Mt to 44.76Mt, which again was a minor surprise to markets.

Maize and soya loses ground

While wheat made gains, the stocks report was bearish for maize and soya beans. Both stocks estimates were above trade expectations at 31.41Mt (expected 29.71Mt) and 6.97Mt (expected 4.68Mt) respectively.

While this is a mere blip in trade, it likely won’t change the overall sentiment of global markets.