Wheat Market Outlook - February 20, 2024

The opportunity for an old crop wheat rally is dwindling, according to Mercantile. Every major wheat exporter still has wheat to ship, and exporters will be competing for shipping windows in the next three months before the new crop harvest starts. Mercantile says more questions remain as to if there is demand for all the available wheat. Currency devaluations in many importing nations means that wheat continues to be very expensive, according to Mercantile, even though wheat prices in U.S. dollars are approaching pre-war levels.