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AAFC raised Canadian canola ending stocks to 1.0 million tonnes for 2022-23 and 1.05 million for 2023-24, after cutting the export forecast by 200,000 tonnes to 8.4 million. Wheat old-crop exports were raised to 24.4 million tonnes, and Statistics Canada is set to release its first survey-based acreage estimates.
Higher canola carryout signals looser supplies, a mildly bearish factor for canola meal, while the upcoming StatCan acreage report could shift the outlook.
grainews.caPhil Franz-Warkentin, GFM Network NewsApr 23, 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.
