IGC ups 2017-18 global wheat output view by 1 million tonne to 736 million tonne.

International Grains Council has raised its estimate for global wheat output in 2017-18 to 736 million tonne from 735 million tonne estimated a month ago. The projected output is 2.3% lower than 753 million tonne produced a year ago, Wheat output is likely to fall in major producing countries such as Australia, Canada, US, Ukraine, and Kazakhstan. Production of the grain is, however, seen higher in the European Union, Weak prices of wheat in global markets led to reduced plantings, and probability of a lower crop in 2017-18, global carryover stocks of wheat are likely to be at 239 million tonne in 2017-18, down from 240 million tonne a year ago but higher than 234 million tonne estimated in March, The global trade of wheat is estimated at 166 million tonne in 2017-18, unchanged from previous estimate but down from 171 million tonne a year ago, Global exports of wheat are likely to fall due to lower import demand from India as the country is looking forward to a record output this year.