Wheat Market Outlook - July 22, 2024

According to Mercantile, weaker crops in Europe are being met with strong harvest results in the U.S. There was good demand last week, but all the tenders were fulfilled with Black Sea wheat. Mercantile says there is lots of uncertainty with Biden stepping down and escalations in the Middle East to name only few. Generally, markets don’t like uncertainty so, Mercantile’ s logic says markets should go higher, however, Mercantile is also at a time of harvest pressure. Mercantile would hold sales for now and see how events transpire.