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Agriculture and Agri-Food Canada raised its 2022-23 Canadian wheat production forecast to 33.7 million tonnes and canola production to 18.4 million tonnes. Canola ending stocks were cut slightly to 450,000 tonnes on higher exports and domestic use.
A larger Canadian wheat and canola crop adds supply to world markets, which is bearish for wheat and canola prices, though tighter canola carryout limits the downside.
farmtario.comPhil Franz-WarkentinJul 22, 2022After 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.
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.
