Wheat Market Outlook - April 17, 2023

While futures week over week were higher, Mercantile believes the cash trade was very slow and prices about unchanged. Mercantile says there are concerns about the Black Sea corridor closing, but this has not led to any new buying of wheat. Excess supplies in Russia and the EU will cap rallies nearby, but dryness in the U.S. Plains, Argentina and North Africa, spring wheat seeding concerns in the U.S. and in Canada, and risks to Australia from an El Nino argue for longer term support.