Wheat Market Outlook - May 8, 2023

Mercantile believes the rally in futures is a good opportunity to finish old crop sales if not already done. For now, Mercantile thinks 2023 crops look big and local currencies are weak, so it is difficult to be sure of demand. Russia is very hard to predict, according to Mercantile, but they think Russia will be the cheapest cash wheat suppliers through the September-December period. Weather continues to create uncertainty.