According to Mercantile, wheat is drifting lower given the lack of supportive news. The Algerian tender two weeks ago, and the GASC tender this week, show that even with Russia out of the public tender business, there is lots of available wheat in the Black Sea. Mercantile says South American crops are coming online which will add to the competition. Mercantile adds there is uncertainty about how policies from the Trump administration will affect the U.S. dollar, trade, and the war in Ukraine, but the inauguration is not until January 20, 2025.