Wheat Market Outlook - December 4, 2023

Mercantile says there was evidence of Fund buying as they start to cover their short. Mercantile does not expect too many moves and the volume will be light as we move towards Christmas. Mercantile has several important reports coming in this week (Australian numbers, Stats Canada, USDA reports), and they do not expect these reports to be bearish. Wheat sales to China are supportive and if Funds continue to buy in their shorts, Mercantile says they could see strength in the futures markets.