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Statistics Canada's June survey showed Canadian farmers planted 1.5% less wheat, 10.5% less barley and 5.5% less oats than they intended in March, below market expectations. The smaller wheat area supported global wheat prices, and the barley area now looks sharply lower year on year.
A smaller Canadian barley and oat crop tightens exportable feed grain supplies, supporting feed grain prices, while the wheat area surprise adds modest support to world wheat.
ukragroconsult.comJul 2, 2024Not enough comparable past events yet for a historical read.
After 52 past bullish report events, Oats moved a median -2.0% over 5 sessions (33% higher; middle half -3.4% to +2.4%), and +0.7% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
