Mercantile says - arguably the most important takeaway from last week’s WASDE report was that global wheat stocks are at their lowest level since 2017/18. On the one hand, wheat markets face a strong U.S. dollar and an unsteady demand prole. On the other hand, 2025 exports from the EU & Russia could be 15 million mt lower than last year’s, while Indian domestic prices hit new highs, and their ending stocks look to fall below last year’s. According to Mercantile, the early reaction to Saudi Arabia’s wheat purchase seems to be supportive as the volume was larger than expected, and at a stronger price. Mercantile would hold sales for the present and they expect demand for wheat in the second half of the crop year to be good for North American wheat.