Wheat Market Outlook - September 3, 2024

According to Mercantile, the market went into the long weekend buoyed by the week’s gains. However, Mercantile will watch if Black Sea values follow suit. Spot markets may have printed seasonal lows, but few are willing to pay the record carries. Mercantile expects futures to stabilize or maybe get stronger, as the weather forecast is not great. The carrying charges in the markets encourage growers to use their storage to the maximum.