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Reuters reports North American farmers are planting into dry soils, raising fears of poor germination or smaller crops. Demand for canola already far outstrips supply, and unusually strong wheat exports to China for animal feed have lowered stocks.
Drought risk combined with tight canola supply and strong Chinese feed wheat demand supports canola and wheat prices.
reuters.comJulie IngwersenApr 12, 2021Not enough comparable past events yet for a historical read.
After 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.
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.
