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Agriculture and Agri-Food Canada's July balance sheet raised durum seeded area and production to 6.30 million tonnes, and cut seeded area for other wheat by 299,000 acres. Canola planted area rose by 612,821 acres to 22.007 million, with production up 528,000 tonnes to 18.628 million tonnes.
Higher Canadian canola output and a larger projected canola carryout are bearish for canola prices, while the cut in other wheat area and higher durum exports are mixed for wheat.
farmtario.comAdam PeleshatyJul 23, 2024Not enough comparable past events yet for a historical read.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
