Wheat Market Outlook - July 2, 2024

Mercantile predicts that markets will remain difficult to forecast. Farmers are under sold and consumers are under-bought. There was a nice flush of tender business last week and exporters will be hopeful of more to come. It is not evident where the next wave of buying will come from. What’s is for sure is again there will be prices driven by Europe in the early part with better North American levels December forwards. The soft wheat discounts will be lower. Mercantile sees no reason to chase sales at this time.