Wheat Market Outlook - February 27, 2023

According to Mercantile, there is little in the mix to support a rally in old crop wheat prices. The funds sold many of their long positions, and there is little to suggest them buying in. Mercantile said, there could be a rally in spring wheat as the chart looks oversold. If it does, any remaining old crop should be sold. The strong dollar is making purchases of North American grain difficult in local currencies. Mercantile hopes growers took their advice and sold old crop.