Wheat Market Outlook - June 5, 2023

Mercantile says current weather conditions are benign, and their reports suggest an average to above average global crop is possible. On the demand side, Mercantile believes there are poor local exchange rates and belt tightening keeps demand low. Currently Russian wheat is the cheapest milling wheat and best priced feed grain for many buyers, according to Mercantile. In the meantime, Mercantile expects futures to open initially stronger, but weaker by the end of the week, assuming no weather catastrophe. Mercantile would sell more spring wheat to 50 per cent committed.