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StoneX's Canadian outlook said the August WASDE was supportive for spring wheat, corn and soybeans but slightly bearish for winter wheat. USDA cut corn and soybean yields and demand, leaving ending stocks largely unchanged.
USDA's Canadian canola estimate of 19 MMT was above the market's expected 18 MMT or lower.
A larger-than-expected Canadian canola crop adds to oilseed supply and pressures canola meal prices. Analysts expect grain and oilseed prices to remain under pressure through late August.
stonex.comCraig TurnerAug 11, 2023Not enough comparable past events yet for a historical read.
After 406 past neutral report events, Wheat (SRW) 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.
