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Agriculture and Agri-Food Canada lowered its 2024/25 canola production forecast to 18.1 million tonnes from 18.365 million. It projects canola ending stocks will tighten to 1.65 million tonnes from 2.0 million in 2023/24.
Wheat production was raised to 34.593 million tonnes, and wheat ending stocks are forecast to rise to 4.4 million tonnes.
Tighter canola stocks support canola-based feed prices, while a larger wheat carryout is bearish for wheat as a feed grain. The combined effect is a firmer oilseed meal outlook and softer wheat values.
marketsfarm.comPhil Franz-WarkentinMar 20, 2024After 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.
