Wheat Market Outlook - April 15, 2024

Mercantile says the international climate remains fractious, particularly in the Middle East. Mercantile is slowly seeing energy prices increasing and inflation starting to rise. In their view, world buyers are largely finished with old crop purchases. Futures will be moved by whatever Funds or farmers need to do. Mercantile sees the old crop going lower as carrying charges increase, while there will be little trade in new crop while traders remain concerned about weather and growers don’t like the values. – Mercantile would target remaining old crop spring wheat at $0.10 above current values, but would not sell new crop wheat for now.