Late on Wednesday afternoon this week, the United States Department of Agriculture (USDA) published its quarterly US grains Productions and Stocks Report and final 2020 US wheat production estimates. This is a quarterly report which often passes without much attention. Yet, the results of this report triggered a significant price rally for the world’s grain and oilseeds markets. Supportive data was perhaps expected but not to the extent revealed.

Traders were shocked by USDA estimates that placed US wheat and corn stocks well below expected volumes. At 50.7 million tonnes, corn stocks were 6.5 million tonnes below average trader estimates and 5.8 million tonnes below this time last year. 

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