Market Outlook - Wheat
Wheat markets enter the week with geopolitical risk becoming an increasingly important source of support following the major Ukrainian drone attack on Moscow over the weekend and continued disruption to Black Sea shipping. Lower Russian and Ukrainian export forecasts are tightening readily available export supplies despite relatively comfortable global production. In Western Canada, Statistics Canada estimated the wheat crop at 36.1 MMT, but attention has shifted firmly toward quality as persistent rainfall continues to delay Prairie harvest and increase sprouting, test-weight and grade concerns. Saskatchewan remains only 32 per cent harvested versus the five-year average...
