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Statistics Canada revised the 2016 canola crop up from 18.4 million to 19.6 million tonnes in its first 2017 production estimates. The 2017 crop was pegged at 18.2 million tonnes, in the middle of trade estimates, and durum was estimated at 3.9 million tonnes.
Canola futures rose after an initial drop.
Carryout expectations depend on whether the 2017 canola number is revised higher, and analysts said anything below 19 million tonnes suggests tightening stocks. The market reaction points to supportive prices.
agcanada.comAGCanadaAug 31, 2017Not 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.
