Wheat Market Outlook - November 6, 2023

Mercantile expects it will be a slow week with a new WASDE report due on Wednesday. Buyers might hope that wheat prices are lower due to the Russian duty reduction, however, Mercantile does not think so. According to Mercantile, wheat is struggling for fresh input amidst a visible lack of demand, while the funds still hold a near record short, and there are planting issues in parts of Europe and South American weather conditions are of concern. Mercantile would hold additional sales for now.