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Statistics Canada's April 24 report showed higher-than-expected spring wheat planting intentions, with spring wheat acres forecast up 12% to 19.4 million acres. Canola acreage was expected to fall 6.6% to 21.3 million acres, and May Minneapolis wheat hit a contract low.
Larger spring wheat plantings add supply and pressure wheat prices, while smaller canola area tightens the canola meal outlook for feed users.
agweek.comRay Grabanski, Progressive AgApr 28, 2019After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
