Wheat Market Outlook - May 1, 2023

Mercantile believes the trade market will be watching for the impact of the rain in the Southern Plains. Questions about plantings and moisture in Argentina and Australia are offset by large wheat stocks in the EU and Russia that will carry into new crop and cushion potential weather problems though the year, says Mercantile. The Ukrainian export potential for the summer forward depends on the results of EU and Russian politics. Mercantile says the wheat market remains volatile and caught in politics.