Wheat Market Outlook - June 24, 2024

Mercantile expects the markets to remain weak due to dumping of remaining old crop product and new crop harvest pressure from Europe. This will put pressure on futures, but Mercantile does not expect to lower prices for forward cash. Presently, Mercantile does not expect too many cash buyers to come to the market, but they note that new crop coverage is low. Soft wheat will stay bearish. However, Mercantile would not sell any cash hard wheat until later.