USDA raises global wheat production

The new forecast for world wheat production is an
increase from the 676.28 million tons that was predicted last month. “Production
for Canada is raised 1.9 million tons based on the latest official estimates,”
the USDA said in the report. “Production is raised 1 million tons for Russia on
higher reported area and yields.

Ukraine production is raised 1 million
tons on higher reported yields.” U.S. farmers are now forecast to produce 68.03
million tons of wheat, up from last month’s prediction of 67.02 million tons.
The overall prediction for stronger global wheat production comes despite
declines now seen in Argentine and Australian wheat production.

“Production is lowered (500,000) tons for Australia as government
statistics and other reports indicate harvested area losses due to drought and
haying,” the USDA said.