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Canadian grain exports through December 2019 were well behind the prior year, with China's takings falling to 2.4 million tonnes from 7.5 million. Canadian canola exports to China were down 74% and wheat down 73%, while soybean sales to China were nil.
Peas and barley to China rose, and durum exports to Italy and Turkey increased.
Lost Chinese demand is redirecting Canadian grain to other buyers, leaving more supply to compete in alternative export markets. This is mildly bearish for Canadian wheat prices.
agcanada.comAGCanadaFeb 1, 2020After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% 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.
