Wheat Market Outlook - April 8, 2024

Mercantile will have a new WASDE report on Thursday. Mercantile expects the USDA to lower wheat exports because of the Chinese cancellations a few weeks ago. According to Mercantile, the USDA will leave wheat production estimates alone and still expects slightly stronger wheat futures while the politics in the Black Sea area remains unclear. There were rumours of more Chinese cancelation of some wheat and corn, Mercantile said. The Funds’ combined corn, beans and wheat positions are at a record net short for this time of year, which should keep the volume of trade low until the WASDE report is absorbed. Weather and politics will keep trade at a minimum. – Watch for opportunities to sell remaining old crop wheat. Mercantile would not touch new crop sales yet.