Wheat Market Outlook - April 29, 2024

While weather continues to be difficult to read and plantings are delayed, Mercantile does not see any major reasons for markets to fall, although wheat could be overdone. Nevertheless, 97.9 per cent of Kansas is experiencing some sort of abnormal dryness, according to Mercantile, and there are concerns in most of Europe. In this climate, Mercantile does not see growers selling.  So far, Funds are not covering their shorts, but Mercantile thinks they must be getting worried. While the weather remains uncertain, Mercantile suggests that growers make no new crop sales.