Wheat Market Outlook - January 15, 2024

Mercantile’s Outlook This Week:

The markets are closed today for Martin Luther King Jr. Day. We do not expect much of a decline in wheat during the week. In fact, we expect wheat to show some strength. Funds will continue to buy in their short. But we don’t expect a decline in Black Sea cash offers. Algeria tenders Tuesday for its April soft wheat requirements and it will be interesting to see what is offered. We suggest holding wheat until we see the offers against Algeria.