The United States Department of Agriculture (USDA) presented a bullish set of data before the Easter weekend and sent futures prices higher.
On 1st March, US wheat stocks were marginally higher than average expectations at 1.087 billion bushels versus 1.044 billion bushels. This was also up on last year which was 0.941 billion bushels.
The surprises for the market didn’t come from the stocks though, rather it was the lower-than-expected 2024 US corn and US winter wheat prospective planted areas. Winter wheat is seen down to 34.135 million acres which is at the bottom end of trade guesses - these ranged from 34 million acres to 38.37 million acres and notably the Ag Forum estimated 34.425 million acres.
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