IGC ups India FY18 wheat output estimate to 96.5 million tonne vs 95.5 million tonne.

Despite a good production at home, the IGC has raised its forecast for India wheat imports in 2017-18 to 3.0 million tonne from 2.0 million tonne projected a month ago. The IGC has pegged global wheat output in 2017-18 at 735.9 million tonne, marginally down from 736.3 million tonne estimated earlier. The reduction in wheat output estimate may be attributed to cuts for the wheat crop in the US and the EU. The council has pegged global wheat consumption in 2017-18 at 737.8 million tonne, marginally higher than 737.6 million tonne estimated earlier. A higher consumption is likely to drag world wheat closing stocks to 238.6 million tonne in 2017-18 from 239.0 million tonne estimated a month ago.