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Statistics Canada's first production estimates for 2017 put canola at 18.2 million tonnes, down 7.2%, and wheat at 25.5 million tonnes, down 19.5%. Durum fell 49.8%, while soybeans rose 19.8% and corn rose 3.6%.
Analysts questioned several figures, and spring wheat futures reacted to the wheat estimate.
Lower canola and wheat output tightens Canadian supplies and supports prices for those crops and their meal byproducts. The soybean increase partly offsets the tightness.
realagriculture.comShaun HaneyAug 31, 2017Not enough comparable past events yet for a historical read.
After 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
