Wheat Market Outlook - February 10, 2025

Mercantile's Weekly Outlook: 
According to Mercantile, wheat markets remain supported. Mercantile says wheat continues to be cheap compared to corn and attention is increasingly turning to the new crop. There are several areas of concern  for the 2025/26 winter wheat crop according to Mercantile, including Russia, Ukraine, France, and parts of the U.S. The next USDA report is out on Feb. 11, 2025.

Top Takeaways:

• The discussion about U.S. tariffs continues to influence the markets. Recently, President Trump delayed the proposed 25 per cent tariff on both Mexican and Canadian goods to Mar. 1, 2025, while Canadian and Mexican officials agreed to enhance security at the U.S. Border.
• Ukraine and Egypt are working to enhance collaboration with a plan to store more grain at destination.
• Canadian durum exports in December were nearly three times larger than the volume exported in December 2023, driven by demand from North African customers.