Wheat Market Outlook - August 21, 2023

Mercantile says, Russia continues to push wheat into the market while buyers are being very cautious in their buying and remain so in a falling market. However, Canada, Argentina and Australia all now have significant crop concerns, which along with a potentially significant major import program by India could materially change the market in the latter half of the season, according to Mercantile. Mercantile expects markets to move higher in the new year, so storage is important and selling as little as possible for now. Mercantile says producers will have to be patient with this market to work through some of the cheaper supplies into the new year.