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Wheat futures saw a significant plunge in overnight trading following a report from the U.S. Department of Agriculture indicating a surge in stockpiles at the beginning of March to the highest level in five years.
According to the USDA report released on Thursday, wheat inventories on March 1 reached 1.09 billion bushels, marking a 16% year-over-year increase and the highest level since 2019.
Conversely, disappearance during the December to February period totaled 334 million bushels, representing a 10% decline compared to the same timeframe last year.
Similarly, corn inventories experienced a 13% increase, reaching 8.35 billion bushels, with disappearance from December through February totaling 3.82 billion bushels, up from 3.42 billion bushels during the corresponding period last year.
Soybean stocks as of March 1 were reported at 1.85 billion bushels, reflecting a 9% rise from the same point in 2023. However, disappearance was reported at 1.16 billion bushels from December through February, down 13% year over year.
Trading remained closed for Good Friday, while export sales for the previous week displayed mixed trends, with wheat and soybean sales declining week over week, although corn sales showed modest improvement, according to the USDA.
Wheat futures for May delivery experienced a 6¢ drop to $5.54¼ a bushel on the Chicago Board of Trade, while Kansas City futures plummeted 12½¢ to $5.72¾ a bushel.
Corn futures were down 1½¢ to $4.40½ a bushel, while soybean futures for May delivery rose 7½¢ to $11.99 a bushel. Soymeal added 30¢ to $338 a short ton, and soy oil gained 0.72¢ to 48.67¢ a pound.
According to the Commodity Futures Trading Commission (CFTC) report, hedge funds and other major investment firms escalated their net short positions in hard red winter futures to 41,935 contracts, up from 37,312 contracts recorded seven days prior.
Additionally, investors augmented their bearish positions in soft red winter wheat, with contracts rising to 91,563 from 81,202 within the same seven-day period, as per the CFTC’s findings.
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