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Grain Millers Canada expects Statistics Canada's September model-based report to raise the 2023/24 oat estimate slightly from 2.429 million tonnes. Harvested acreage of 828,800 is seen as possibly high, and output will still be far below last year's 5.227 million tonnes.
Prairie oat cash bids have fallen 18 to 40 cents per bushel over the past month.
A modest upward revision and large carryout from last year point to ample supply, which is bearish for oat feed prices. The steep drop in cash bids confirms the weakening trend.
marketsfarm.comGlen HallickSep 11, 2023After 72 past bearish report events, OATS moved a median +0.2% over 5 sessions (50% higher; middle half -3.7% to +3.8%), and -2.5% 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.
