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StatsCan model-based estimates put Canadian wheat at 29.5 MMT, about 1 MMT below expectations, durum down 26.4%, and oats down 53.5% to 2.4 MMT. Barley output is projected down 20.7%, while canola is 17.6 MMT in line with estimates.
Smaller Canadian wheat, barley and oat crops reduce feed grain availability and support prices for these grains. Canola supply is steady, so meal prices are less affected.
stonex.comCraig TurnerAug 29, 2023After 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.
Not 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.
Not enough comparable past events yet for a historical read.
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.
