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ICE canola futures fell to a one-month low during the week ended July 28 before rallying $25 in three days as heat warnings covered Alberta and Saskatchewan. Analysts expect tight carryout and say the market may need to ration 1 to 2 million tonnes in 2017/18.
US spring wheat crop tour results also point to heat stress.
Heat stress on Prairie canola and US spring wheat raises yield risk and supports oilseed and wheat prices, with canola meal following the seed market.
farmtario.comPhil Franz-WarkentinJul 31, 2017
agcanada.comAGCanadaJul 31, 2017Not enough comparable past events yet for a historical read.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
