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Agriculture and Agri-Food Canada projects total field crop output to fall 27% in 2021-22 because of drought and record heat on the Prairies. It forecasts the all-wheat crop at 20.18 million tonnes, down 42.7%, and canola at 15 million tonnes, a 10-year low.
Canadian wheat exports are projected at 14.1 million tonnes, about half of last year.
Canada's sharply smaller wheat and canola crops remove a major exporter from the market, supporting wheat and canola meal prices. Reduced durum and canola supplies tighten feed and oilseed balances.
profarmer.comMeghan VickAug 26, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
