Wheat Market Outlook - November 4, 2024

According to Mercantile, the U.S. election will be the feature of the week stating both candidates have campaigned on more protectionist policies, especially regarding China. Mercantile says Russian traders seem to have enough private business to keep them busy while the remaining Eastern European countries seem willing and able to fill the public business. In Mercantile’s opinion, wheat lacks independent strength and will largely remain rangebound. Mercantile also has a new WASDE report on Friday. They recommend targets to sell 25 per cent of your wheat production at $8.00/bu for a #2CWRS (depending on your location).