Wheat Market Outlook - October 2, 2023

Mercantile says wheat markets crashed when the USDA’s Small Grains Summary put wheat production much higher than the trade expected. Russian wheat is still talking most of the export demand. Although Russian export price schemes continue to create confusion in the market, it seems like the Russians have lowered their floor price according to Mercantile. Mercantile does not see much reason for better prices in the short term.