Oat increased to a 7-year high of 466 USd/Bu, after the USDA cut US oat production outlook to the lowest on record due to drought conditions. US harvest is estimated at 41.3 million bushels in 2021, the smallest since at least 1866, as hot and dry weather take a toll on food production. Elsewhere, Canada's oat harvest is seen totaling about 268.7 million bushels, down nearly 15% from a year ago. Looking ahead, a fall in demand could help to stabilize the market as people return to a more take-out-restaurant diet.
Historically, Oat reached an all time high of 563.75 in March of 2014. Oat - data, forecasts, historical chart - was last updated on August of 2021.
Oat is expected to trade at 381.86 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 441.81 in 12 months time.