Wheat Market Outlook - October 16, 2023

In the short term, Mercantile see futures trading in a narrow range and growers being reluctant sellers at current returns. According to Mercantile, Russia will continue to be the most aggressive seller as, in their opinion, the price is not too bad, and they need the dollars. It is difficult to forecast events for Mercantile when they do not know how the events over Hamas/Israel will develop. But Mercantile says to keep in mind that war zones do not create demand. Weather in the Southern Hemisphere, Chinese demand and Russian exports will be the main drivers moving forward. Mercantile would hold additional wheat sales for the new year.