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Extreme heat and drought across Western Canada and the US Northern Plains have pushed Minneapolis spring wheat to $8.34 a bushel, its highest since 2013, and canola to record highs. Crop losses are expected to reduce both quantity and quality.
Likely yield and quality losses in spring wheat and canola tighten global supplies of these crops and support prices, which is likely to raise the cost of wheat and canola meal in feed rations.
cbc.caPete EvansJun 29, 2021Not enough comparable past events yet for a historical read.
After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
