Loading…
Bloomberg reports Canadian non-durum wheat acres could rise as much as 7.3% in 2023 as growers shift away from oats and pulses. FarmLink estimates are cited against a prior-year base of 19.4 million acres.
The article signals ample wheat supplies.
Higher Canadian wheat acreage at the expense of oats and pulses adds to ample global wheat supply, which is bearish for wheat and suggests reduced oat plantings.
bloomberg.comJen SkerrittMar 2, 2023After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 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.
