Wheat Market Outlook - May 29, 2023

Mercantile has not heard of significant cash wheat trades this week and they think world buyers are just about covered on old crop and are waiting before buying new crop at hopefully stronger local currencies. The change in the Russian export tax keeps the Europeans a little more bearish, and Mercantile believes U.S. grains remain expensive compared to other origins. Mercantile expects funds to add to their shorts. - It being a short week, Mercantile would leave markets alone.