Wheat Market Outlook - April 24, 2023

Mercantile believes Russian new crop supplies should be ample, and prices are still attractive to Russian growers and assumes Russia will again be an aggressive seller of wheat for the Sept. - Dec. period. According to Mercantile, the future of Ukraine’s wheat crop and their ability to move it remains difficult to assess. Rain in the U.S. will probably not change crop prospects there materially, and while conditions have improved, Mercantile says Canada still needs to get a crop in the ground.