Loading…
Statistics Canada reported canola plantings at 22.7 million acres, below last year's 23 million but above the trade guess of 22.4 million and well above the spring intention of 21.4 million. All-wheat area was 24.7 million acres, in line with expectations.
November canola futures slipped 90 cents to $509.50 a tonne after the report.
Larger-than-expected canola acreage points to more supply, adding bearish pressure, although some see possible Chinese demand for canola meal as a substitute for soymeal in feed that could offer support.
agcanada.comAGCanadaJun 29, 2018
grainews.caRod Nickel, GFM Network NewsJun 29, 2018Not enough comparable past events yet for a historical read.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
