According to Mercantile, futures markets are acting like they have founda bottom. Meanwhile, cash markets are being pressured by the volume of new crop wheat that is jostling for demand. Increasingly dry conditions in the Canadian prairies have the market on edge, says Mercantile. The next USDA report is out on Thursday. Traders expect the USDA will increase U.S. wheat stocks for ‘24/25 while lowering them for ‘25/26, while global ‘25/26 stocks are expected to be lower. Mercantile would not sell wheat for now.