◂ Event Timeline

Jul 18, 2023WEATHERCanada

Canadian crops in serious need of a good drink

Dry conditions across Canadian Prairies have left many crops in poor shape, with soil moisture depleted in Alberta, Manitoba and Saskatchewan. Forecasts show continued dryness for at least two weeks, threatening harvest prospects.

WHY IT MATTERS

Prairie drought threatens wheat and canola supplies, supporting global wheat and canola prices unless rain arrives soon.

AFFECTSWHEAT▲CANMEAL▲BARLEY▲

SOURCE
graincentral.comGuest AuthorJul 18, 2023

Price reaction & history

WHEAT▲bullishSO FAR1d +0.4%5d +2.0%20d +1.1%

After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.

May 24, 2018Feedgrain focus: Dry in NSW drains stored reserves - Grain Central-0.8%
Sep 13, 2019WASDE factors in deteriorating Australian crop outlook - Grain Central+2.2%
Oct 9, 2017Victorian, NSW crops need rain to consolidate yield prospects - Grain Central+4.9%
Oct 24, 2018Hot, dry summer ahead as El Nino sets in - Grain Central-0.3%
Nov 1, 2018Australia set for smallest winter crop in a decade: Rural Bank - Grain Central-3.7%

CANMEAL▲bullish

Not enough comparable past events yet for a historical read.

BARLEY▲bullish

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.

WHEAT · GP ▸

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CANMEAL · GP ▸

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