U.S. wheat and soybean stocks lower than expected

On Wednesday, the US Department of Agriculture published figures relating to US grain stock levels as per 1 September. Wheat stocks were quoted at 2.089 billion bushels, which is somewhat less than expected but nonetheless 9.5% above the year-on-year level. 

The USDA's figure for corn stocks was 1.731 billion bushels, which largely corresponded to the market's expectations and to the figure for ending stocks in 2014/15 posted by the USDA in its latest WASDE report, says Commerzbank. 

At 191 million bushels, soybean stocks on the other hand fell short of expectations and were lower than the USDA's ending stock figure for 2014/15. The USDA is therefore likely to undertake a downward revision in the next WASDE report.