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Statistics Canada reported a Canadian canola crop of 21.3 million tonnes, a record and 8% above the September estimate. The wheat crop was estimated at 30 million tonnes, 5.5% below last year but above trade expectations.
Canola prices eased about 0.5% after the report.
A record Canadian canola crop adds significant supply to the oilseed and meal markets, pressuring canola meal prices. The larger-than-expected wheat crop also adds grain supply.
zmp.deDec 6, 2017Not enough comparable past events yet for a historical read.
After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
