Wheat Market Outlook - October 1, 2024

According to Mercantile, wheat futures increased across all three exchanges on Monday, as well as Russian FOB prices in the last week. The annual Small Grains Summary showed all wheat production at 1.9 billion bushels, which was down 11 million bu from the August Crop Production report. Year-to-date U.S. shipments sit at 8.2 million mt which is just more than 35 per cent higher than this time last year. Following Monday's Stocks in all positions report, Mercantile notes the market will watch U.S. yields, Brazilian rain, EU/Black Sea crop size/quality and Chinese demand. Mercantile suggests growers stay patient.