Wheat Market Outlook - March 25, 2024

Mercantile believes Russian and Black Sea politics will likely dominate conversation in the coming week. If the dispute between RIF and Moscow continues, Mercantile says it could be bullish the current crop wheat. The USDA seeded area and quarterly stocks reports are out on Thursday. The trade is expecting larger wheat stocks (one billion bushels) and smaller seeded area (47.3 million acres). All this is combined with a short trading week given the Good Friday holiday. Mercantile does not recommend cash sales at this time.