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Statistics Canada's July 31 stocks came in above the August AAFC estimates for almost all principal field crops, driven by larger-than-expected on-farm stocks. Total wheat stocks were 6.649 million tonnes versus 5.874 million expected, and canola ending stocks were 1.899 million tonnes.
Bigger-than-expected Canadian wheat stocks add to global wheat supply and weigh on prices, while comfortable canola stocks limit support for canola meal. Traders may also question the reliability of the new StatCan methodology.
Not enough comparable past events yet for a historical read.
After 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.
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.
