According to Mercantile, the funds and consumers are keeping their ownership of old crop to a minimum as they expect new crop will be available at lower prices. Weather continues to be a big factor of uncertainty and needs to be watched. From Mercantile’s perspective, new crop is undervalued considering how long it is before new crop grain is safely in the bin.

Canadian wheat exports in week 35 were 388.9k mt for a season total of 13.6 million bushels, up 73 per cent from last year.