Wheat Market Outlook - September 25, 2023

Mercantile believes North American wheat remains too expensive except for special hard wheat buyers. The stock position will be important for future direction. Year to date usage remains low according to Mercantile. The Russian crop is large and storage problems will force sales there. Mercantile expects that futures will continue to fall in the short-term, and then improve in the New Year. Mercantile would not suggest additional sales at this time.