According to Mercantile, the bulls needed production downgrades in Europe to offset stronger production in the U.S. Mercantile says they didn’t get it from the USDA, so they are back to speculating over harvest results. Mercantile says another concern is thin export demand for new crop wheat as importers continue to buy hand-to-mouth. The wheat market will continue to experience harvest pressure. Mercantile would not sell new crop for now.