Wheat Market Outlook - August 8, 2023

Mercantile says North American cash and futures prices need to go lower to be competitive with other competing origins. The premium of spring wheat over lower grades remains too high and must go lower according to Mercantile. Weather will provide volatility in the markets and news services will carry stories of drought in North America and too much rain affecting quality in Europe. The conflict in the Black Sea needs to be watched. The ability of Black Sea wheat to be exported is important. Real developments in India need to be watched if the USDA confirms India needs to buy volume wheat it is bullish for wheat particularly Russian.