Wheat Market Outlook - June 26, 2023

It’s going to be all about weather, and how the market interprets events in Russia, according to Mercantile. In Mercantile’s view, such abnormal events will cause the futures markets to initially start a little stronger, then fade as the conflict will have no real impact on the overall wheat complex. Global wheat buyers remain uncovered. They are buying hand to mouth and using local crops where possible. Mercantile doesn’t think this will change. Stats Canada’s planting report is out this week.