Ahead of the USDA report on Friday, Saxo Bank's Head of Commodity Strategy, Ole Hansen, says a potential way to trade the data is to sell wheat and buy corn.

He explains that increased levels of wheat production in US and Russia have driven prices lower. Speculators were net-long 146 million bushels on 22 October, after having bought 400 million the previous month.

Meanwhile, corn has experienced record levels of planting. As of 22 October, speculators were holding a record net-short position of almost 800 million bushels.

Speaking about the USDA report, Ole believes what will be interesting is the relationship between crops. That's why he chooses to focus on the wheat/ corn ratio, currently at 1.55, after reaching a 1.60 peak.