Wheat Market Outlook - January 29, 2024

Mercantile’s outlook this week: Mercantile believes it is tough predicting markets with so many trouble spots in play. Their inclination is that growing conflicts will prove to be a little negative for most commodities as demand will be lower. Mercantile could see wheat a tad higher, as Russia looks more reluctant to be aggressive sellers forward. Mercantile doesn’t see traders making any major moves in futures. They are 60 per cent sold and if wheat manages to move up, they would start looking for opportunities to sell another 20 per cent at ~$9.25 depending on your location.