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Aug. 29: CBOT Dec #corn jumps nearly 3% to $6.83 per bu after reaching its highest levels since June 23. The contract closed above all four moving averages shown below for the first time since June 17. Shrinking U.S. crop prospects remain in focus.
metmike: Interesting that on a day with beans dropping 30c, corn would be up 15c on lower crop prospects.
Not a weather traders market!
Statistics #Canada pegs the Canadian #wheat crop at 34.6 mln tonnes, up 55% from last year and the 2nd largest in nine years. A #canola harvest of 19.5 mmt would be up 42% from last year's drought battered crop.
Canada’s crop production is rebounding strongly after severe drought ravaged last year’s harvest – welcome news for a world coping with stranded grain and sunflower oil stocks in Ukraine due to war.
Canada is the third-largest exporter of wheat, used for baking and for producing pasta, and the biggest exporter of canola, which is used mainly to produce vegetable oil.
Statistics Canada estimated all-wheat production at 34.6 million tonnes, 55 percent more than last year, and exceeding the industry’s average estimate of 34 million. It would be the second-biggest Canadian wheat harvest in nine years.
StatsCan estimated production of spring wheat, the largest part of the all-wheat category, at 25.6 million tonnes, slightly above the average expectation.
The estimates look neutral to slightly bearish for spring wheat prices, and bearish for durum, said Jerry Klassen, analyst and trader at Resilient Capital.
“This is the first real indication that we’re seeing a recovery in production, both in Canada and the U.S.,” Klassen said.
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metmike: I mentioned this last week:
Agree bear!
what happened is that China, India, Canada, Australia and Russian have bigger than expected crops From good weather and large planting numbers (associated with high prices).
https://www.marketforum.com/forum/topic/88300/#88310
