Wheat Market Outlook - October 28, 2024

According to Mercantile, Black Sea wheat remains the cheapest in the world, and Russian traders appear to be willing to ignore the government’s price floor. Wheat markets benefitted from the strength in corn and soybeans, but with little independent strength, Mercantile assumes wheat will be confined to a sideways range for now. Mercantile recommends targets to sell 25 per cent of their wheat production at $8.00/bu for a #2CWRS (depending on location).