# U.S. grains: StatsCan data help drag wheat to contract lows - AgCanada

> Chicago wheat futures hit contract lows on Thursday, their fourth straight day of declines, after a Canadian government report showed a bigger-than-expected harvest. Corn and soybeans also fell, with soybeans pressured by profit-taking after a three-month high.

- Date: 2017-12-07 · published 2017-12-07T12:00:00.000Z
- Category: report · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/11622-u-s-grains-statscan-data-help-drag-wheat-to-contract-lows-agcanada
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A larger Canadian wheat crop adds supply to an already well-stocked market, pressuring wheat and feed grain prices. Lower wheat also weighs on corn as a feed substitute.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2017-12-11 | 1 | -3.0% | -3.1 | StatsCan's larger-than-expected Canadian crop pushed wheat to contract lows days earlier, building the bearish supply backdrop and downward momentum going into the 12-11 drop. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2017-07-12 | [Corn, winter wheat drag grains lower, as US supply](https://feedsoft.ai/events/69892-corn-winter-wheat-drag-grains-lower-as-us-supply.md) | -2.2% | -2.1% |
| WHEAT | 2018-01-12 | [U.S. grains: Wheat drops most since August after USDA acreage surprise - AgCanada](https://feedsoft.ai/events/66938-u-s-grains-wheat-drops-most-since-august-after-usda-acreage-surprise-agcanada.md) | -0.2% | +5.8% |
| WHEAT | 2022-01-12 | [U.S. grains: Wheat futures fall on bigger-than-expected plantings, stocks - AgCanada](https://feedsoft.ai/events/43100-u-s-grains-wheat-futures-fall-on-bigger-than-expected-plantings-stocks-agcanada.md) | +3.9% | +2.0% |
| WHEAT | 2023-08-12 | [U.S. grains: Soybean, grains futures drop as traders shed risk - AgCanada](https://feedsoft.ai/events/5618-u-s-grains-soybean-grains-futures-drop-as-traders-shed-risk-agcanada.md) | -0.5% | -7.3% |
| WHEAT | 2017-08-11 | [U.S. grains: Wheat falls; corn, soy firm - Grainews](https://feedsoft.ai/events/69495-u-s-grains-wheat-falls-corn-soy-firm-grainews.md) | +0.3% | -0.2% |
| CORN | 2017-07-12 | [Corn, winter wheat drag grains lower, as US supply](https://feedsoft.ai/events/69892-corn-winter-wheat-drag-grains-lower-as-us-supply.md) | -4.1% | -5.2% |
| CORN | 2018-01-12 | [U.S. grains: Wheat drops most since August after USDA acreage surprise - AgCanada](https://feedsoft.ai/events/66938-u-s-grains-wheat-drops-most-since-august-after-usda-acreage-surprise-agcanada.md) | +1.7% | +3.5% |
| CORN | 2023-08-12 | [U.S. grains: Soybean, grains futures drop as traders shed risk - AgCanada](https://feedsoft.ai/events/5618-u-s-grains-soybean-grains-futures-drop-as-traders-shed-risk-agcanada.md) | +0.3% | -1.6% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/u-s-grains-statscan-data-help-drag-wheat-to-contract-lows

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.