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Agriculture and Agri-Food Canada raised its 2016-17 ending stock forecast for major grains and oilseeds to 13.5 million tonnes, up about 400,000 tonnes from November. Production was forecast at 82.9 million tonnes, with exports slightly lower.
Higher projected Canadian carryout signals ample supplies, which is mildly bearish for grain and oilseed prices.
agcanada.comAGCanadaDec 22, 2016After 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.
Not enough comparable past events yet for a historical read.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
