Mercantile says Russia continues to be the dominant force in the wheat market as shown by its performance at the GASC tenders. According to Mercantile, Chinese buying is supportive should it continue. Chinese holidays will have them away until Jan. 15, 2024.

China remains the largest customer for Canadian wheat, but at 539k mt, exports to China are just 51 per cent of last year’s volume year-to-date. Meanwhile, countries outside of the top importers have increased demand for Canadian wheat.