# Canada Know-Risk Market Outlook | Wheat Testing Key Support

> StoneX reports that May SRW and HRW wheat have fallen below US$7 and US$8 for the first time since the Black Sea war began, with canola, soybeans and corn also lower. It says there is no global wheat shortage, with Russia the low-cost supplier, while South American drought is still supporting oilseeds.

- Date: 2023-03-06 · published 2023-03-06T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/36938-canada-know-risk-market-outlook-wheat-testing-key-support
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Ample global wheat supply and low-cost Russian exports keep wheat prices under downward pressure, and canola is weaker on the day.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼
- CANMEAL: bearish ▼

## Sources

- stonex.com: https://www.stonex.com/en/insights/canada-know-risk-market-outlook-wheat-testing-key-support/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.