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Statistics Canada estimated the 2021 all-wheat crop at 22.9 million tonnes, down 35 percent, and canola at 14.7 million tonnes, down 24 percent, both due to drought and record heat in the western crop belt. Canola futures were little changed after the report, and drought had pushed canola prices to record highs.
A 14-year low in Canadian wheat and a sharp canola drop tighten global supplies, pushing buyers toward substitutes and lifting meal and oil prices.
esmmagazine.comDayeeta DasAug 30, 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.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% 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.
