Wheat futures jumped today after U.S. government data showed domestic supplies have fallen to their lowest since 2007 and the current wheat harvest is the smallest since 2002.
But the September 1 crop year ended with slightly more soybeans than traders had expected, weighing on futures.
CBOT wheat (W_1:COM) for December delivery settled +2.2% to $7.25 1/2 per bushel, the highest in three weeks, while November soybeans (S_1:COM) closed -2.2% to $12.56 per bushel and December corn (C_1:COM)-0.4% to $5.36 3/4 per bushel.
U.S. farmers produced 1.646B bushels of wheat in the 2021 crop year, down from 1.826B bushels a year ago, the U.S. Agriculture Department said in its small grains summary report.
As of September 1, the USDA says the country's wheat stocks stood at 1.78B bushels while soybean stocks totaled a five-year low 256M bushels and corn stocks were 1.236B bushels, the lowest since 2014.