Wheat Market Outlook - February 3, 2025

Outside of the looming trade wars, Mercantile says the wheat market is well supported: conditions in many of the key growing areas are not ideal, the funds continue to hold a large short position in wheat, and buyers (Egypt) are showing more demand. Also, Mercantile believes the corn market is very strong so long as the U.S. and Mexico continue to trade. According to Mercantile, the strong U.S. dollar and trade tensions are providing headwinds. They are 50 per cent sold spring wheat and would hold sales for now.