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Drought and heat are damaging barley crops in western Canada, with under 50% of Saskatchewan and Alberta barley rated good or excellent against a normal 65-70%. A LeftField estimate puts the 2023 Canadian barley crop at 8.3 million tonnes, down 17% from last year, and it could fall further.
Feed barley use may drop to about 5.0 million tonnes, with large corn imports into western Canada expected.
A smaller Canadian barley crop and expected corn imports to replace it lift barley prices and increase demand for corn in western Canada.
barleybin.caJul 31, 2023Not enough comparable past events yet for a historical read.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
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.
