Wheat Market Outlook - April 28, 2025

According to Mercantile, Australian futures fell another A$6/mt as the AUD made a new four-month high close, while MATIF fell to new contract lows on slow demand, high stocks and generally favourable weather conditions. Rain has largely subsided weather concerns in most of the major wheat origins. So, Mercantile says world wheat markets remain under pressure by the absence of significant weather issues facing Northern Hemisphere crops and by slowing exports. However, Black Sea weekend forecasts are more widely dry and as prices retest lows, some short covering would not be a surprise.