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Agriculture and Agri-Food Canada cut its 2020-21 all-wheat ending stocks forecast to 5.9 million tonnes from 6.7 million in August, and durum stocks to 700,000 tonnes from 1.2 million. It raised canola ending stocks to 2.2 million tonnes, up about 650,000 tonnes from August, reflecting higher production and carry-in.
Tighter Canadian wheat carryout supports wheat prices, while larger canola stocks add supply to the canola meal complex, which is bearish for canola meal values.
country-guide.caPhil Franz-WarkentinSep 3, 2020After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
