Wheat Market Outlook - August 12, 2024

According to Mercantile, Algeria and Egyptian demand give a bit of support, as well as smaller production in Europe. Some of this will be offset with large crops in Canada, the U.S., and the southern hemisphere, but there is a chance that we are approaching a floor in the wheat market. The USDA report is expected to show larger wheat production in the U.S., but smaller global supply. The markets remain under pressure from harvests. Mercantile expects futures markets to remain weak nearby but will improve when crops are in the bin.