The month of October saw the combined daily average of the cmdty National Price Indexes for soft red winter (SRW), hard red spring (HRS), and hard red winter (HRW) jump to $4.60 from the previous month’s calculation of $4.45. This implies US all wheat monthly stocks-to-use fell to 45.8%, the lowest reading since the end of June 2019 when the average NPI for the 2019-2020 marketing year was $4.68 (keeping in mind the marketing year data consisted of one month). My previous month’s calculation had 2020-2021 stocks-to-use at 47.5%, itself a decrease from the marketing year high of 48.1% at the end of August.┬áIt will be interesting to see what USDA does in its November round of Supply and Demand report, showing estimates for roughly the end of October, with its previous estimates reselling in an ending stocks-to-use calculation for the 2020-2021 marketing year coming in at 42.1%.