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December oat futures reached a contract high of $2.99/bu on June 14, extending an uptrend since 2016. AAFC tables put 2018-19 Canadian oat stocks down about 36% to 500,000 metric tons, 41% below the five-year average.
Noncommercial traders hold their largest net-short position since 2013.
Historically low Canadian oat stocks and a large speculative short position point to continued upward pressure on oat prices for feed buyers.
dtnpf.comCliff JamiesonJun 14, 2019Not 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.
December oats hit a contract high of $2.99/bu on June 14 on tight Canadian stocks with record spec shorts; a peak like this plausibly set up profit-taking and a sharp pullback in the following week.
