Wheat Market Outlook - October 23, 2023

Mercantile says the funds are short and believes more buying by China must be a concern to them. Currency remains a restriction to demand. South American weather, Ukraine logistics, Chinese demand, and a widening window for U.S. exports of wheat will be the market drivers according to Mercantile. In Mercantile’s view, wheat is getting too cheap, so they still think holding to the New Year, when they expect better prices, is the best strategy.